The woman made an enormously successful YouTube video (nearly 245,000 viewers) calling out Bank of America for raising her credit card interest rate from 12.99% to 30%. Because of all the press she got, B of A succumbed. But not until they haggled with her over the rate, which only goes to show that they have far more power to lower the rates than what they claim.
The executive "tried to get me to agree to 16.99 percent and I said, 'No, nope, I believe because you guys are getting your money from the Fed at zero percent interest... that 12.99 percent is a more than generous profit margin for you guys.' So he did finally agree to that and he also agreed to send me that in writing."If we, unfortunately, need people using credit to get the economy rolling again, then why isn't the government cajoling people like Bank of America to stop charging usury rates for credit?
Here's the video:
