What happens to my CC debt if my bank goes bankrupt?
I have a few thousand dollars in credit card debt with Citibank right now. I know the government is bailing them out left and right, but if Citi went bankrupt what would happen to my debt?
Would another bank buy it off them? If so would my interest rate change?
Would it stay with Citi? If so, could I just not pay it off?
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Another bank picks up the debt. You will owe it to them under the existing terms & conditions
hahhahh i wish i got 100 K of cc debt its not even mine a so called friend used em im hoping all go bankrupt so i wont have to pay but unfortunatly other banks buy them out n you will owe them
they enslave you
It just transfers to another company. Nothing changes except that you would write and send your checks to the new place.
No way, no how are you just getting out of it.
It is possible that another bank would buy it, but they shouldnt’ change the rate. One thing is for sure, the debt wouldn’t go away.
your credit is based off NCUA and or FDIC. These are the security holders of all banks in North America. So your credit doesnt change if the bank goes bankrupt, although if u have bad credit that theroy would be very nice.
well if they go brankrupt i think ur in the clear, if they got bought out ull owe the new bank that money.