ITunes help!! Urgent!!?

Okay, so I got an iPod touch for Christmas and did all that jazz with iTunes. Now, I have charged $144 on my grandfathers credit and he's kinnda mad.... I didn't deluxe I had OCR done it! (this was my first iTunes affluent) Ans now he wants to block or take off his credit card on my iTunes account. I was wondering, will that be a problem on my iPod. I mean, ihave all my music apps and videos I want. But Howe will this affect my iPod? He's taking out his credit card. Or!!! If he delete my iTunes will that couse problems for my iPod? Can I still use it without iTunes?URGENT!! thanks!