Wednesday, September 16, 2009

If I'm paying off my credit card; can Ann Minch bail out on hers?

This morning I made the penultimate (next-to-last) payment on my credit card, a $176.23 testament to beating the debt monster I've been carrying in my wallet since college. I'm quite proud of myself for the obvious reasons (a PF writer with a mountain of unsecured debt is not a good look; looking forward to that TV that's been at the top of my 'reward yourself' list for three years) and the not-so-obvious (freeing up cash flow for investments, savings and a sprucing up of the crib that is in great demand from certain quarters).

But my fortune at being disciplined and financially stable enough to pay off my Visa makes me consider the millions of people in the US who are neither as disciplined nor as fortunate; people like Ann Minch, who the HuffPost profiled for her refusal to pay off a Bank of America credit card because, she says, they've gone too far in jacking up her rates. Here's Minch on video talking about her "debtors revolt":

Is Minch right? Should we have the right to just say "screw you" to lenders who are treating us unfairly, or is this the rant of someone who made irresponsible choices with credit and needs to do what I did and just pay up?


Niema Jordan said...

Congrats on paying off your debt!

While I think B of A is messed up for hiking her interest rate, I will not be joining her revolt.

I don't qualify for the "I have nothing to lose," category. Having a low credit score effs w/ my long term goals.

I was able to talk down my rates on B of A cards. It took talking to more than one person, but it happened. I will continue to pay my bills.

It was a nice speech tho. Not revolutionary, but worth watching.

Mia6998 said...

Isn't all she doing is just jacking up her credit?

Keith T. Reed said...

"Having a low credit score effs w/my long-term goals".

What are those goals, Niema?

Also, can you share your strategy for talking down your credit card rates?

Keith T. Reed said...

@mia6998, yes. that's what she's doing but she says she doesn't care anymore and is tired of living afraid of creditors.