What Happens If Your Credit Card Company Goes Under
Filed Under (Credit Card Tips) by creditblogger on 04-10-2008
With the state of economy these days, you never know which company is going to bite the dust. You have probably heard about Wamu’s and Wachovia’s struggles. These companies are not alone as a lot of companies are hurting in the credit industry. But what really happens if your credit card company goes down under? Should you cut your credit cards?
The answer is really simple. You need to follow the developments in the news, but your credit card company will essentially inform you about their state if they indeed go down and nobody buys them. In case of Wamu, Chase will be taking over the new accounts, and you can expect them to issue new cards in the upcoming months. But the possibility of credit card accounts getting closed by Chase is very slim. But you won’t have to worry about going to a store and not being able to use your credit cards. Not yet anyway.
