A lawyer from California, Ben Pavone, has refused to pay off his debt to Bank of America until they agree to lower his rate of interest. He even threatened them with a lawsuit, if they choose to destroy his credit for not paying off the debt.
It turns out that this particular attorney is upset because his rate of interest has gone up to 28% and his credit limit has gone down. He knows that penalties are coming his way. When Pavone asked the Bank of America for a credit limit raise in October, his request did not just get declined, but was even lowered by several thousand dollars due to “economic trends”.