Bill Wants to Know “Do I have to Repay My GM Credit Card if GM Goes Bankrupt?”

Bill wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

I have a GM credit card and if GM goes bankrupt will I not have to pay that back?

Bill”

The Answer:

 

Dear Bill,

Today is not your lucky day. If General Motors does wind up going bankrupt you will probably lose any perks or rewards you’ve earned but not used from your GM Card. Those perks are a liability for GM and it is no different than when an airlines goes bankrupt and all the air miles are wiped out.

If GM goes bankrupt it will not absolve you of your responsibility to repay the underlying loan to the issuing bank.

Sorry to be the bearer of bad news but I agree, it would be really sweet if it did work that way.

Steve

The Answer:

 

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  • http://whatisnoise.com David Fisher

    It really is too bad that it doesn’t work like that. Let’s face it, there’s almost nothing out there to help the consumer, but the government is doing everything in their power to bail out poor decisions by the mega rich.

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