Protest Over High Credit Card Interest Rates Goes Viral
Katie Cordrey — September 15, 2009 — World
References: youtube & huffingtonpost
Californian Ann Minch has posted a video on YouTube aiming to ‘fire a shot across the bow’ of credit card companies charging outrageous interest. Minch claims Bank of America raised her interest rate to 30% even though she’s made her payments on time and is not behind.
Minch says she’s had a credit card with B of A for the past 14 years, so when she received a notice of the rate increase, she called to negotiate, to no avail. Deciding she’s had enough, Minch has taken to the Internet to give voice to the frustration that many feel over what they consider to be outrageous interest rates and consumer abuse.
The video posted five days ago and has received nearly 98,000 views.
Minch says she’s had a credit card with B of A for the past 14 years, so when she received a notice of the rate increase, she called to negotiate, to no avail. Deciding she’s had enough, Minch has taken to the Internet to give voice to the frustration that many feel over what they consider to be outrageous interest rates and consumer abuse.
The video posted five days ago and has received nearly 98,000 views.
Trend Themes
1. Consumer Revolts Against High Interest Charges - The YouTube video protesting against credit card interest rates shows the potential for individuals to mobilize against financial institutions that charge high interest rates.
2. Online Activism Against Financial Injustice - The viral spread of the YouTube video demonstrates the power of social media platforms in exposing and challenging financial institutions that engage in unfair practices.
3. Popular Outrage Against Credit Card Abuses - The widespread attention given to this YouTube video shows the potential for individuals to band together and create a movement against credit card companies that abuse their power.
Industry Implications
1. Financial Services - The financial services industry could benefit from disruptive innovation focused on simplifying credit card terms and products, and lowering interest rates to improve customer satisfaction and loyalty.
2. Social Media - Social media companies and communication technology providers could leverage the power of their platforms to enable individuals to organize and mobilize against financial injustice in new and innovative ways.
3. Consumer Advocacy - Consumer advocacy organizations could explore new strategies and tactics for engaging and activating individuals to challenge abusive financial practices and promote greater transparency and accountability in the financial industry.
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