Are Debtors Revolting Against the Bailed Out Banks and Credit Card Companies?

Awhile back, I saw this video from Rockerchic4God and posted her video here on my blog. I will repost her video below so you can listen to her explanation of why she has decided to withhold her payments from her credit card company. In a nutshell, the bank increased her interest rate and minimum monthly payments without merit. Simply, because the banks can.

Since the video appeared, our lawmakers have passed laws to regulate credit card interest rates and fees from being raised without notice. This in turn have forced the banks and credit card companies to preemptively raise rates and fees before the law takes effect. They (visa, mastercard, discover, and american express) have also found a loophole that allows them to avoid the law by simply changing all fixed rate credit cards now to variable interest rate cards. You will notice many statements you now receive with little credit card inserts with terms of agreement updates.

DEBTORS REVOLT BEGINS NOW!

And from this video, I think many others may be following suit. Youtube has many other users from middle America also posting similar frustrations and anger against their creditors. They seem to be taking the same action.

Re: DEBTORS REVOLT BEGINS NOW!

Kill Bank of America

BofA: Bend Over America

debtors revolt-my first video

There are many more videos on youtube you can watch. I think this reflects the attitude of many Americans in today’s economic environment. During these bailouts, banks received 0% interest rate loans from the taxpayers and they turned around and started raising interest rates to 19.99 to 29.99 and possibly higher rates. What would happen if everyone simply stopped paying all their credit cards at the same time?