Credit Card Protest Video

[Broadwayangel1]

I think you are on the right track but do it sensibly, start a movement to stop USING your credit cards. Keep paying them down to protect your credit but pay them off and stop using them. If everyone does this the same effect takes place.

[Usurpish]

This happened in mexico years back, and the public just walked away from the debt, told them to shove it. In Mexico they were charging 48%

[rayme4raw]

This could actually happen without a national default day. We currently have 15 million unemployed persons in the US. Banks now have a 9.1% default rate. As more people become unemployed, they will confront the reality that they cannot meet basic living expenses on unemployment and they will default on their debts, including credit card debt. The fundamentals aren't changing so unemployment is just going to keep increasing. Sooner or later, the banks will fold or the people will revolt.

[jomase6154]

when you barrow something you have to give it back or its stealing. This kind of action comes back onto people like me. If I go to your place and use your shovel and not bring it back. what would happen? DON'T SPEND MONEY YOU DON'T HAVE.  People depend on credit way too much.....this is what creditors know and use.

[MrMoneyHelper]

@jomase6154 You are right but you're not seeing the whole picture. Banks change the terms of contracts. It is take it or leave it. Customers can't go to the banks and say they want their previous agreement held in force AND keep using the cards. When banks change the rules they are cheating and stealing from their customers who in good faith agreed to other terms when they applied for their credit cards. People should use less credit, but; they shouldn't have terms changed on previous contracts.

[Usurpish]

@jomase6154 - Borrow a dollar and you owe 500%, which clouds your theory. Borrowed from your brother who became a Shark...

[barkmag]

Awesome awesome awesome... rayme4raw is a perfect example. this is the only thing to do.

[hubiethesaint]

how is this going?

[rayme4raw]

I have perfect credit and my rates just jumped from 10% to 30.25% as of Jan 1 2010, WTF. I know why they are doing it and I know what I have to do, don't worry.

[8mmstockfootage]

Excellent job. Congratulations for being mentioned on Lisa Epsteins daily finance blog. A LOT of people are now watching your video. Viewers don't be fooled by the low number right now. Youtube sometimes takes a long time to update numbers.

[MrMoneyHelper]

Almost 8000 people went to my site within two days of that article being published with the link to my site. I'm surprised at how few people were interested in making comments. All of the comments were from people who were being screwed by their credit card companies. I've learned that there are plenty of loop holes in the new laws congress passed. Which means the companies will continue to screw people. They'll just do it in different ways. People need to stand up to them now while they can.

[1jkstube2]

Mail to the creditor "No Call" Letter

Dear Creditor/Collection Manager:

Upon receipt of this notice, please update your records to reflect that you are no longer

authorized to contact me by telephone, as the collection calls are negatively affecting my_(choose any that apply: employment, living situation, health). I understand you must continue your collection practices and processes; however, I will only accept collection activity in written form, via mail, to the address below.

Sincerely,

[cesartolico]

I already defaulted, the fees are higher than what I actually spent. I asked for a settlement and was told NO. What a bunch of greedy dumb people.

[DBerger200]

@cesartolico just wait 5 months and the settle for 10%

[rayme4raw]

@cesartolico You made the right decision:)

[rayme4raw]

@cesartolico They said NO? I defaulted this May, I've received tons of settlement letters already. Of course, there's no money to give them, so they will have to settle for zero payment.

[vvronbovv]

To agree is one thing but to actually get involved is another. With ample enough support this just might work.

[MrMoneyHelper]

I totally understand your position. The only way this will take off is if each person reading this and seeing this video decides to do it. They can't do it for somebody else. They must do for themselves. At the birth of our country there were people willing to fight and die for the principles of freedom. Banks are anti freedom. They are making Americans into slaves of bank debt. Nobody will come to kill you for standing up against usury. I think charging 10% or more is usury. What's your rate?

[rayme4raw]

Awesome, Awesome, Awesome video. With all the doom and gloomers out there, you really help people to understand that they still have the power. I think that more than 15% is usury, but I think that good borrowers will not borrow anything with a rate over 10%. I would never have used my credit cards had the rate been higher than 10% nor would I take out a car loan or a mtg w/ a rate higher than 10%. Everyone has their own feelings about this.

[mygang2005]

I agree !! The government has bailed out all the "biggies", but how about the people?

[tjhardin59]

i say we all get together and do this. HELL YEAH!

[cdhbart]

I AGREE WHOLEHEARTEDLY!

I AM SICK OF BEING SCREWED, on a MONTHLY BASIS.

IF WE CONTINUE TO PAY ALL THAT HAPPENS IS THAT WE WAKE UP VERY SOON, WONDERING WHY WE FEEL LIKE A HAMPSTER IN A WHEEL!

[TIBORZOL]

This has been a long time coming! Have some balls and join...

[lhspanther22]

This is all very true, and very awesome!

[flybyme100]

i totally agree

[MyOwnOpinons]

I am in. I paid nearly $20K of my credit card debit to have them cut my credit limit killing my ability to absorb bumps in my life. Thanks...now they will get nothing from me and never will again. Cash only!

[Anothercoilgun]

I will support no problem. I have no balance anyway.