debtors revolt - hurray for her!

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debtors revolt - hurray for her! - video

Ann Minch ohas carried a balance of several thousand dollars on her Bank of America credit card, making minimum monthly payments of about $130, sometimes paying an extra $50 or $100. She says she's never missed a payment.

Bank of America rewarded her loyalty this year by repeatedly randomly raising her interest rate, which reached 30 percent in July.

Fed up, the 46-year-old stepmother of two turned to YouTube.

Minch said she hadn't been paying much attention to her account -- she didn't even notice when her interest rate went from 12.99 percent to 25.49 percent in January -- but that the more she read about the $700 billion bank bailout, the angrier she got. Still, the decision to stage her one-woman revolt wasn't easy.

"When I finally made my decision about what I needed to do, it was scary," she said. "I knew I was probably going to ruin my credit."

Minch sent Bank of America CEO Ken Lewis a letter demanding that he watch her video and get in touch.

"If you would like to collect payment for this account, it will be necessary for you to view my video and then contact me with your response," she wrote. "The video will take less than 5 minutes of your time, which I know must be extremely valuable because of the gargantuan amount of money you are paid."

Minch said that regular folks will continue getting "bent over" by the government and the global financial industry unless consumers take a stand.

"Tea parties and letters to representatives hasn't done squat," she said. "We need to form a cyber revolution."