Credit Card Debts : LUSENET : TimeBomb 2000 (Y2000) : One Thread

What will happen if I have a credit card balance that I'm paying on each month and the credit card company can't access any of its records after January 1, 2000 because it's not Y2K compliant?

-- Carol McPherson (, July 20, 1998


The credit card company files bankruptcy and goes out of business. Your balance is then forgotten, and you're free and clear! Soooo, chhhhaaarrrrggggeeeee it, Carol!!! You only have 17 months to max that baby out! But, make sure you buy lots of beans. (hey to Will!)

(Sheeesh, there's still some mighty big fish in this pond...)

-- Anti fools (, July 21, 1998.

Just in case anyone took "Anti" seriously, debts (credit card or otherwise) are assets that the holder can sell. In a bankruptcy, I'd guess they'd sell for pennies on the dollar -- but you would still be liable for the entire amount (unless you negotiate with the new holder, or buy the debt yourself :-).

-- Larry Kollar (, July 21, 1998.

It's comments like Anti's that drive serious Y2K folks nuts.

Anyone counting on banks, mortgage lenders, credit unions or credit card companies losing your records are going to be seriously disappointed. If you decide to "charge it" expecting never to have to pay your bills you're no different than someone writing a bad check or a shoplifter.

Carol's question is legitimate. But put yourself in the business' shoes. What would you be doing right now if you thought you'd lose your data? You'd do what my local bank is doing: backing up each day's transactions on PAPER. Believe it or not, it is still possible to hit the "print" button. Amazing, but true.

Carol, if the people you do business with are too stupid to back up their data, they will go out of business and your debt will more than likely be transferred to someone else. Personally, I would get out of debt and use the extra cash to get prepared.


-Pastor Chris

-- Pastor Chris (, July 21, 1998.

"It's comments like Anti's that drive serious Y2K folks nuts."

(Short trip for some, -Pastor)

Seriously, it's tough to resist some of these questions. Two short words...COMMON SENSE !

"Bill Gates can do my job, but I can't do his" - Warren Buffett

-- Anti fools (, July 21, 1998.

Moderation questions? read the FAQ