Friday, September 18, 2009

Debtors Revolt

Tea Parties will not work. Marches on Washington will not work.

A Debtors Revolt will work

19 comments:

HermitJim said...

She has the right idea! More should follow her lead...!

Little Rainbow Comics said...

She has a point - if we were all to stop paying...what would they do? Its the only leverage we have...

Did it MY way said...

Let me understand this. Did you not read the agreement from the credit card company when you applied for the card?

Yes the credit card companies are worse than loan sharks, and something needs to be done. Since our goverenment refuses to do anything it's up to the people.You want a simple solaution: STOP USING THE DAMN THINGS. YOU PUT YOURSELF IN DEBT NOT THE BANKS.

Know what happens if you stop paying? Credit goes south,the bank sues you, wages get attached, every legal action the scumbags can use against you.They prey on YOUR stupidy. I know I sound mean but be honest...think about it.

Look up David Ramesy...and learn how to get out of debt!

BigBear said...

I don't think you are understanding this Did it MY way. Right now and for the last couple of decades corporate America has run the government. Yes we can vote everybody out of office but the replacements are just as corrupt.

A Debt Revolt shows that the people are still in power in America. If every BoA customer stopped paying and demanded that corporations be excluded from decision making in Washington. Guess what we would have true lobbying reform plus take back control of our country.

The American citizens have the ultimate power to reform our government. Just stop playing the game.

Anonymous said...

following the advice on the video would only lead to the elite taking control of everything else you own, you house, land, car, etc.... is anyone really willing to do this? I think NOT. Sure, it's easy to talk though!

Did it MY way said...

If every boa customer paid their credit card off in full every month boa would change the way they do business.

Cash is king. When you borrow and only pay the min no matter what the interest rate is you lose. You would certainly bitch to take a 10 percent pay cut, but that's just what you do when you make payments on credit cards.

Corporate America has been able to do what it wants because Americans have borrowed to live a life style they have not deserved, or earned. If you make a bill PAY it. Nobody promised you a rose garden.

Anonymous said...

Let me get this straight.

Evil banks were dumb to loan money to people who turned out to be more unreliable, unproductive, and irresponsible than expected.

The government steps in and is doing anything they can to bail out the evil banks, prop up the housing, auto, and stock markets.

The government is taxing people (or will be forced to tax people) to pay for this.

So when the lady in the video talks about the corporations and their co-conspirators, who is this exactly. Surely on some level the people who bought the houses, cars, and big-screen TVs must have played some role.

I feel that basically in this crisis I'm the only one who is getting hurt. I think if you don't have to pay back your debt you are a massive winner in this game. If you are a corporation who gets to privatize profits and socialize your losses you are a massive winner. The only loser is the guy like me who rents because he can actually do the math and budget his money. This is the guy the taxman will come for to pay for horrible people like the woman in the video and her 'co-conspirator' at the corporation. Maybe she should return the HD video player to Best Buy, cancel her high-speed connection, and pay down some of her debt.

BigBear said...

She is not behind in her payments, not at her limit and they increased her interest rate to 30%. This is simply corporate greed.

Although I do agree that cash only is the absolute best option. But if we all go to cash only the bank will lobby and get a cashless society where they can place a surcharge on every transaction.

The problem isn't the corporations, the free markets would normally take care of them. The problem is the undo influence that the corporations have on our elected officials legislating profits on the people backs.

There needs to be a way to remove corporate influence from Washington. Obviously voting does not work so a Debt Revolt is in order. Nothing will bring about orderly change faster. This is America and we operate on greed and consumption. Shut off either of them and change happens quickly.

Puppet Dictator said...
This comment has been removed by a blog administrator.
Anonymous said...

When you sign a credit card agreement and decide to run a balance you are putting yourself at risk of the interest rate changing. This is the difference between a credit card and a personal loan/mortgage, where you can get yourself a fixed-rate of interest.

There is a very competitive market for credit, there are dozens of options for credit cards, with hundreds of different plans. The price is set just like the price of butter - lots of different options, flavors, sizes, substitute products, sales, etc.

I don't hold a balance on my credit cards because I would then be at the mercy of the credit card providers. I have a basic level of financial literacy. Maybe that is what separates me from all the people I am being forced to bail out.

Alpha said...

Pay them off and never use credit again. Ef 'em! The thought is noble to rebel, but there are too few individuals out there who have the balls or backbone to do it.

I have had to ignore the card companies for a month or two when I was hurting terribly; yet, unless you have no phone, friends or family, the bastards do everything to make your life hell. When I am paid off, they can all go f#$k themselves for all I care.

The Urban Survivalist said...

You're absolutely right, Bear. The problem comes when the government steps in and starts to subsidize the losses of the credit card companies. It encourages them to extend credit to people who don't deserve it. It also forces them to do whatever they have to do to make a profit to prove to the government that their "investment" wasn't wasted.

The best thing that responsible people can do is get out of that whole system. Work your butt off to pay off the debt and then stop carrying a balance. If you can figure out a way to get the credit cards to work for you then keep using them. If they're not beneficial to you then ditch them.

Abraham said...

We need credit card reform - no jacking interest rates on performing accounts, no exorbitant fees, no universal default, no games with dates statements get mailed, no unilateral changes to terms and conditions.

At one time this country had usury laws.

No bailouts of banks. Allowing the risk to lay where it falls will force the banks to act rationally.

We gotta get lobbyist and corp money out of politics.

I'd love it if everyone stopped paying their credit card bills.

Anonymous said...

Not only did she touch a nerve - she
won. BoA settled with her. This girl
is all over the news.

Don't let it die and return to business as usual.
No doubt BoA wants the video pulled
and a non disclosure statement signed. If you catch my drift...

Spread this far and wide.

BigBear said...

See a debtors revolt is the only thing that corporations fear. If many Americans took this approach we could greatly reduce or even eliminate corporate influence over OUR government.

tjbbpgobIII said...

How in the wide wide world of sports can any corporation justify upining someones rate to 30%. Isn't that considered usury? I can't watch u-tubes or any thing like that online(downloads take forever) but I would like to hear an answer.

Yukon Mike said...

The banks and insurance companies have been taking advantage of us consumers. Congress allowed credit cards to become the disaster they have become and they also have allowed insurance companies to have laws written forcing us to have insurance.
I think this Debtors Revolt has some merit and maybe it should be extended to the Feds and everybody stop paying income taxes. Stop Feeding The Beast as they say!

Michael Hawkins said...

Damn Right Yukon Mike

We should have stopped dealing with these companies ages ago, all with their breaking down your door and forcing you at gunpoint to borrow money from them under conditions that are known to you in advance.

... ya, sarcasm

The end people that get messed up by CC companies did so because they -in a fling of stupidity or dazzled by a sales pitch- consented to defined and yet-to-be-defined conditions.

What to do about it? Pay off all cards and terminate them, deal in cash or services, use any form of payment you want, but don't complain about those "greedy bankers", who make a living by having people *willingly* engage in a contract with them.

They're a nasty sort and I have no love for them, but they're not criminals, they provide a legitimate service to which you should simply say "no".

How hard is that?

Anonymous said...

I find it difficult to have sympathy with someone who owes so much on their credit card that they cannot pay it off. I have had a credit card company piss me off and I paid it off and cut it up. What "revolt"?? Pay your bills and don't use credit beyond your ability to pay. By the way, I don't believe her. I seriously doubt the credit card company increased her credit rate that much for no good reason. Sounds like she is trying to justify bad acts in her past by blaming the credit card company.