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Friday, 10 October 2008

How I'm hoping to avoid a personal credit crunch

I started worrying about my bank. The place I get cash for immediate necessities like beer and dancing. Suppose they went down? No problem! The government compensation scheme will sort it out! Then I wondered just how quickly it would operate - If the bank crashed on Wednesday, would they make it so I still have cash to drink on Thursday and go dancing on Saturday?

I don't think so.

What finally got me moving was seeing a small queue outside a local bank. Maybe it was because the door had got stuck but it was enough.

So I dusted off some dormant accounts and checked their parentage with Wikipedia. Fortunately, some of them come from completely different banking groups. So I've transferred a lump of cash into them.

Then I looked up my main credit card. Fortunately, it comes from yet another group.

Paranoid? Just think about how far an Icelandic credit card goes today.

Link

Wikipedia UK Bank index

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