My Dear CyberFreaks,
There comes a time when you have to make a stand. And this week, we're making ours with Ann Minch and her Debtor's Revolt.
Last week, Pew released a study surveying the credit card policies of a dozen banks, which together control about 90 percent of credit card debt in the US. Many of these banks got our bailout money or are borrowing our money from the Feds at extremely low interest rates.
So, how are they repaying us taxpayers? They're jacking up the interest rates on our credit cards - no questions asked.
Ann Minch got the treatment from Bank of America, which notified her that they're raising her interest rate from 13 to 30%. And so she posted a video on YouTube, which she hopes will become the shot heard around the world.
Minch's solution to bring down the big banks? Take your money out of them and put them in credit unions and community banks.
We dish about Minch's ideas with Marketplace Radio's Senior Editor Paddy Hirsch. We ask Paddy, does Minch make sense or is she wack?
Go to CyberFrequencies to find out more!