September 16th, 2009 by Reed Allmand 
YouTuber stages debtor revolt after Bank of America hikes her credit card’s interest rate up to 30 percent. The YouTuber says that she tried to negotiate with her credit card lender; but they refused to budge. She’s paid her credit card bills on time; but still they refused to negotiate AND they transferred her to a credit counseling and debt consolidation service. Well this YouTuber is fed up and staging a debtor revolt that threatens to gain a huge following as the video has been viewed by 151,000 YouTubers and given a full five star rating with nearly 2,000 comments.
Many credit card companies are rushing to rob current debtors by hiking up their interest rates right before the recently passed credit card legislation becomes effective. The new credit card legislation will make it more difficult for credit card companies to gouge consumers by randomly raising interest rates and forbids them from giving youth less than 21 years old a credit card without a parent co-signing. But it’s not just the credit card legislation that’s pushing credit card companies to hike interest rates; it’s their greed as so eloquently expressed by this YouTuber who is refusing to pay another dime to the creditors. Many credit card companies want to get as much out of their customers before the economy worsens and they want to get it as fast as possible. This YouTuber is refusing to pay them another dime and is asking other debtors to join her. But she may want to consider a much more effective way to not pay her creditors. If she is unemployed as stated in her video and has no assets, filing Chapter 7 bankruptcy will not only wipe out her debts to Bank of America; but it will also protect any assets she may accrue in the future, including wages.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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