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Me credit card company went BANKRUPT!!!!

G

gregshin

Diamond Member
Holy crap i just received a letter from the FDIC regarding my CC is no longer good because Net 1st National bank has filed for chapter 11. WTF!!! I owe them $400 on my balance....but i guess not anymore 🙂
 


<< Holy crap i just received a letter from the FDIC regarding my CC is no longer good because Net 1st National bank has filed for chapter 11. WTF!!! I owe them $400 on my balance....but i guess not anymore 🙂 >>



Your balance actually got cancelled?
 
gregshin,

you're dreaming!

If the FDIC bails the bank out you will be paying them.

If the bank declares bankruptcy the court will collect the money.

Either way, you pay.

Sorry but that's just how it works.

 


<< gregshin,

you're dreaming!

If the FDIC bails the bank out you will be paying them.

If the bank declares bankruptcy the court will collect the money.

Either way, you pay.

Sorry but that's just how it works. >>

 
Absolutely, you will be paying that money.

Not that I think it is likely, but if it was me I'd be reading my card agreement carefully to make sure there isn't any fine print that says the entire balance is due and payable if something like this happens.
 
not how it works. a collection agency or another CC company will buy your account and collect the money, you wont get out of it.
 
That's pretty ironic, a credit bank going bankrupt....I wonder where the credit bank got it's credit from...that's where the real money is 🙂
 
ever wonder why they went bankrupt? Too many people not paying their bills. How do they make money? When people don't pay their bills. Ironic isn't it?
 
when companies go bankrupt, their accounts payable are usually sold, and the buyer will probably be happy with like 60 cents on the dollar. Maybe you could buy your own debt for like 200 bucks or something! 🙂
 


<< How do they make money? When people don't pay their bills. >>


That is only one of the ways they get money. They also earn about 4% on every single purchase you make. Spend $1000 on a computer and the store must pay the CC company $1040. That little known charge is a great money earner for a CC company (especially when you think about what 4% from thousands and thousands of customers adds up to). The interest they charge from people that don't pay the bills just covers those people who bail out on their debts...

The third way they get money is from fees. Trust me, a CC company would rather earn that 4% + fees steadily rather than risk someone not paying.
 
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