# debt



## LetsGo (Feb 16, 2021)

I am all about debt free living, I do have a house mortgage; but, in the event of an economic collapse what happens with debt? I get they could remove you from your house or take your vehicle; but what about other debt, like credit cards or personal loans of some type that don't have collateral.....what happens to that? How would that affect you?


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## 2020 Convert (Dec 24, 2020)

Maybe we should just run up debt, the Dem Gubberment is just going to take it away anyway. Put everything into what you can carry when they take your land away.


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## Chipper (Dec 22, 2012)

Move next door to the lot we own free and clear that is separate from the mortgage.


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## Back Pack Hack (Sep 15, 2016)

As long as money has value, the creditor will come after you. If money has no value, you won't have to worry about them trying to collect. And, of course, any money you do have will be suitable for things like toilet paper, fire starters etc.


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## rice paddy daddy (Jul 17, 2012)

We've been debt free since we paid off the mortgage in '07.
No credit cards, no vehicle loans, nothing.

Even during the Great Depression, banks were forclosing on houses and farms.
If someone else is holding title to your property, no matter how bad the economy, you just might lose it.

As far as unsecured loans, like outstanding balances on credit cards, there's not much they can do except get a legal judgement against you.


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## Denton (Sep 18, 2012)

I've long believed that the eventual collapse will allow a property consolidation; consolidation into the hands of our controllers.


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## inceptor (Nov 19, 2012)

Denton said:


> I've long believed that the eventual collapse will allow a property consolidation; consolidation into the hands of our controllers.


During the depression that's how some became rich. This time they are already using the slogan " You will own nothing and you'll be happy"


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## 2020 Convert (Dec 24, 2020)

Denton said:


> I've long believed that the eventual collapse will allow a property consolidation; consolidation into the hands of our controllers.


Happy to see you back!


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## Denton (Sep 18, 2012)

2020 Convert said:


> Happy to see you back!


Thanks. My time is yet to be determined.


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## 2020 Convert (Dec 24, 2020)

Denton said:


> Thanks. My time is yet to be determined.


A couple months of lurking and a couple months onboard- respect your and the hairy ones opinion.


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## MisterMills357 (Apr 15, 2015)

LetsGo said:


> I am all about debt free living, I do have a house mortgage; but, in the event of an economic collapse what happens with debt? I get they could remove you from your house or take your vehicle; but what about other debt, like credit cards or personal loans of some type that don't have collateral.....what happens to that? How would that affect you?


Another Socratic method question, probably best answered by throwing it right back at you. But, I won’t because that is a snotty response. You have combined the micro economic with the macro economic, eg, a nationwide collapse, followed by a personal money implosion.

I don’t think that they are divisible, and I am not sure that anyone could escape the gravity field, of an implosion.
Things might happen by magic, such as your house is seized by a government that is desperate for assets. Or a starting all over, of the money system; wherein physical cash and checks are eliminated, and everyone is issued a card instead. And that card would be your lifeline, and it would be the way to acquire anything.

So whadda ya think? As for me, I don’t see anything stopping that. But I do see a lot of things that are driving America to that. And the debt will disappear, but you ain’t going to like how it’s accomplished.


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## Piratesailor (Nov 9, 2012)

Don’t worry. The great reset will take care of it all for you.


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## Megamom134 (Jan 30, 2021)

Piratesailor said:


> Don’t worry. The great reset will take care of it all for you.


 Reading about the great reset and the green new deal was instrumental in me starting to prep more seriously.


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## Pir8fan (Nov 16, 2012)

LetsGo said:


> I am all about debt free living, I do have a house mortgage; but, in the event of an economic collapse what happens with debt? I get they could remove you from your house or take your vehicle; but what about other debt, like credit cards or personal loans of some type that don't have collateral.....what happens to that? How would that affect you?


Cancelled debt is income and taxable.


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## stowlin (Apr 25, 2016)

Ok, contrarian in me. Last summer i took out a $125,000 mortgage on a $500,000 property that was otherwise paid for. Yes Ms Stowlin thought I wanted a bigger boat but the truth is in a state of inflation a mortgage isn’t a terrible investment. The payment is a nominal $500 a month and we invested it in our dividend portfolio which has averaged 9% with capital gains the past five years. I believe a good investor can keep up with inflation in stocks and the debt then just easier to pay off. 

The only risk is deflation and having no cash to make the payment. Don’t see that happening.


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## paraquack (Mar 1, 2013)

I gave up my debt in 2013. Everything is free and clear. But I doubt that will prevent the liberal government from siezing anything and everything they want. I guess I need to purchase a littler property in a swamp.


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## Steve40th (Aug 17, 2016)

Property taxes are always going to be there.. So, property taxes will need to be collected, and they can raise them and raise them till its not feasible to live in the house, or car in some states.


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## ItsJustMe (Dec 12, 2020)

If our system goes in the direction of other non-free nations, it is possible you will lose your home to high taxes or just confiscation due to no personal property ownership allowed.

I have considered paying off my mortgage but if they plan on confiscating personal property, it would be better if it were mortgaged to the max. You want my house? Take it. The mortgage conveys, lol!


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## KYseller (Mar 23, 2021)




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## inceptor (Nov 19, 2012)

KYseller said:


> View attachment 112906


So what do you find comical about debt free living????


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## MisterMills357 (Apr 15, 2015)

Steve40th said:


> Property taxes are always going to be there.. So, property taxes will need to be collected, and they can raise them and raise them till its not feasible to live in the house, or car in some states.


It gets worse, and the government has devised ways to steal private property. They may have started with good intentions, but now they are corrupt.

Here in St Pete they are fond of using code enforcement, which places a $500 a day fine on any violations.
That sounds like a fine way to steal property, because at that rate the one being fined, owes $15,000 per every 30 days of violation.

That is un-American and it constitutes government theft. It imposes a burden which is too great to bear.
And it is a violation of Amendment V and VIII, the government has become a pack of thieves.


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## Nick (Nov 21, 2020)

inceptor said:


> So what do you find comical about debt free living????


I think there might be something wrong with them. 20 posts since joining and half of them are that stupid laughing emoji for no apparent reason.


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## Slippy (Nov 14, 2013)

KYseller said:


> View attachment 112906


This always makes me smile! Thanks for lightening things up and adding some happiness to a forum that has its share of surly old bastards and whiny bitches!


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