^^ ouch! How did that happen?
If the bike isn't broken just keep riding it and save for a better bike then the Trek. Problem with inexpensive MTB's is that their heavy and the components are sub par. And actually the GT has better components then the Trek, so I would stay with it till more money comes.
By the way, here is what happens to CF MTB's...sometimes anyways:
http://www.youtube.com/watch?v=GUQXn...eature=related Also see the two vid's in my sig line.
Problem is that there isn't a whole lot of mtb's built out of steel these days, mostly AL and CF, but there is one company who makes a decent one called
On-One Inbred X5 26er but it's just a hair over $1,000, but if your wanting to spend $350 on a cheaper bike that will probably have to be replaced in 5 years, why not just save the money since your already a third of the way there? These bikes do come out of England so it's mail order only.
You could save some money and weight going with a non suspended front end if you don't really need it.
I'm not much into MTB'g though I do own a couple and their both steel, my best one is a Kona Lava Dome which is surprisingly light and tough but it has no front suspension which doesn't bother me since I don't ride in real rough stuff nor go as fast as I can off road.
Hopefully others will respond with more experience then I on MTB'g.