How the WaMu Buyout Will Affect You
We had some excellent reader questions from our article “Washington Mutual Goes Under.” So I thought it would be good to take the time to respond to them, because I think it will clear up a lot of questions that everyone has right now.
KK wondered:
Should we still pay on our credit cards? What will happen if we don’t? Could anyone help me on this?
Yes, KK. Definitely keep paying your credit card bills. If you do not then you can expect to be put into collections and that will ruin your credit score. Excellent question though. Business should continue as usual, and if anything changes you can expect to get a letter from JPMorgan Chase letting you know.
Mary Hull wondered:
My question is are the credit cards issued by WaMu still valid?
Yes, Mary, WaMu cards are still valid. You may eventually be issued a Chase card, but it is more likely that all of the accounts JPMorgan Chase is purchasing will just remain as is. I would say there is a 99% likelyhood that you will start receiving offers from Chase for their credit cards as well.
Thanks also goes to all of our readers that took the time to answer these questions!
If you would like to know more about what’s going on at WaMu, and how it will impact you and your accounts, there are some excellent articles on that topic. I hope that they will put everyone’s fears to rest.
For not, it looks like they only people being screwed by this deal are WaMu’s shareholders. So, with that said, here’s there rest of the dirt:
If you banked with WaMu, borrowed money from them, worked for them, or owned their stock, check out this article from The Digerati Life to see what will happen to you.
Five Cent Nickel’s WaMu Account is still active.
Broke Grad Student has accounts at WaMu – He’s not panicking, and has an article about why you don’t need to panic either.
Thanks also go to the Money Hacks Carnival #31 for featuring our article American Express Black Centurion Card – Value or Ultimate Status Symbol? Moolanomy saved the day by emergency hosting this one!
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