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[Robin Tetley]

I agree with Jenna.

I haven't had this "please pay your balance off if you can afford it" thing that Lava mentioned but that would go straight in the re-cycle pile. If I could afford to do that I would. If the credit card company goes bust...isn't that better for me in the long run? I assume the debt would then be written off. I imagine that's far too a simplistic way of looking at things but still. An interesting thought.

[Jenna]

I was thinking the same thing.  If a credit card company goes bankrupt, does that mean I don't have to pay off my balance? 

A similar thing happened to my friend a few years ago.  I think the company went bankrupt or another company bought it.  He received a letter in the mail saying he can no longer use the credit card, but he still must pay off his balance.  This makes me wonder if a credit card company goes bankrupt, will another company collect the debts from credit card holders?  I think so.

[Robin Tetley]

I would imagine that would happen. Even if another company buys the company at a knock down rate...I think if there's money to be made someone will try and cash in. Though I guess the current climate might actually be different. I mean if the company has nothing but debt they might not be bought out. And if the Government stops bailing these flagging institutions out (which I think they'll have to eventually) who knows? Brian Williams from the NBC nightly news said recently on The Daily Show that 100 brand name banks will go under this year in the US alone. I don't even think the UK has the many. Just the main half dozen or so and a few smaller ones. Have you or anybody seen Fight Club? Interesting ending where a plan is hatched to blow up the centres of all major credit card companies in an attempt to get everybody out of debt. Not that I'm saying that's a good idea of course it's just reminded me of what we're talking about here.

[Bob]

Credit companies sure are full of tricks. I think with what's going on financially people maybe need their credit card more but trust it or the system behind it less.

Has anybody here been fearful of using your credit card in the past few months?

[Robin Tetley]

We are trying to pay ours off. Slowly but surely they are coming down a little bit. I do strangely feel a little more cautious about using them and also overdrafts. I don't know why particularly, I think the recent and ongoing financial mess has made me a little more aware what money I'm spending...whether it's mine or borrowed I mean.

[Bob]

This whole credit crunch thing hasn't made a blind bit of difference to me. Even though I'm still looking for a new job I know I'm lucky to have one. I don't use my credit card any more or any less than I used to. I'm not fearful in any way of doing so. What's the worst that could happen? They go bust and my debt is written off?

[Robin Tetley]

That's true I guess but even if a bank goes bust it would probably end up being owned by the government the way things are going at the moment. I think RBS is now 70% percent owned by the Government? Is that right does anybody know?

[Bob]

I've heard that figure myself yes.