Comments on: What happens to my credit card debt if the company fails? http://www.debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails Blog topics covering all forms of debt relief Sat, 11 Feb 2012 22:12:30 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Reena http://www.debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails/comment-page-1#comment-932 Reena Sun, 15 Mar 2009 11:13:05 +0000 http://debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails/#comment-932 <a href="">Carol</a> The same thing that happened to Wachovia customer debt... you will still get your monthly bill. The only difference is that you are now owing it to Wells Fargo... Whoever buys them out gets your "business". Carol

The same thing that happened to Wachovia customer debt… you will still get your monthly bill. The only difference is that you are now owing it to Wells Fargo…

Whoever buys them out gets your “business”.

]]> By: Sciurus Reprobatia http://www.debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails/comment-page-1#comment-931 Sciurus Reprobatia Thu, 12 Mar 2009 14:01:00 +0000 http://debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails/#comment-931 <a href="">Lisa</a> When they fail, their assets will be auctioned off. Just like a table or a lamp, the debt you owe them counts as an asset. So for example if you owe $500, another company could "buy" that debt for $400, but you'd still owe $500. But since Citigroup is actually a bank, the government won't let them simply fall into bankruptcy. They'll most likely facilitate a takeover from another bank or just bail them out. Even if the government lets Citi fail, then you'll momentarily owe the government money until they find someone to sell the debt to. Lisa

When they fail, their assets will be auctioned off. Just like a table or a lamp, the debt you owe them counts as an asset. So for example if you owe $500, another company could “buy” that debt for $400, but you’d still owe $500.

But since Citigroup is actually a bank, the government won’t let them simply fall into bankruptcy. They’ll most likely facilitate a takeover from another bank or just bail them out. Even if the government lets Citi fail, then you’ll momentarily owe the government money until they find someone to sell the debt to.

]]> By: zeuz http://www.debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails/comment-page-1#comment-930 zeuz Tue, 10 Mar 2009 07:48:49 +0000 http://debt--relief--blog.com/debt-relief/what-happens-to-my-credit-card-debt-if-the-company-fails/#comment-930 <a href="">Rosa</a> You will owe the debt to some other financial institution. Rosa

You will owe the debt to some other financial institution.

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