Silly Sunday: Joining a Debtors Revolt

One of the videos making the rounds on the Internet is a call for a “Debtors Revolt”. This video (with two swears, neither of them the F-bomb), highlights the plight of a woman whose credit card interest rate is being raised. She claims she has been responsible, and that there is no rationale for the hike. (Although she later admits she did miss one payment.) At any rate, she does make some good points about credit card practices and their inherent fairness.

But it is also important to realize that credit cards never claimed to be fair. And, while the new Credit CARD Act will provide some protections, the bottom line is that whenever you get into debt, you are entering into an agreement that is, by definition, rigged in favor of the creditor. This is something to keep in mind before you buy anything on credit.

At any rate, it’s an interesting video. And begs this question: Would you join a Debtors Revolt?