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03:25 AM
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If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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[quote:Anonymous Coward 1364731:MV8xMjM0MzY1XzI0MjE5MjgzXzkwRjI2QkE1] [quote:britishjohn 1238255] Assuming that a family can survive the current depression with their job and home in tact with mortgage paid up to date then it is my belief that as the dollar collapses and is demonetised, any debts and liabilities, along with credits will become unenforceable. In short if the dollar goes away, so do all of your legal obligations to perform on the contract that is part of your mortgage agreement. Having said that don't expect the owners of the debt, the government and the elite not to try and find a way of tricking you or forcing you to take on a new contract for your debts in the new currency. They won't want to let you keep you home without repaying off that mortgage and they won't want to cancel your credit card debt. This is why the people need to be very wary of any attempt to see their wealth confiscated without the reciprocal cancellation of debt. It is my view that the whole reason they are keeping up this sham of an economy without default is because they want to shake the people down for as much tangible real and personal property as they can get before they pull the plug. They want you to cash in your jewellery, lose your home, sell your car and downsize what you have so that when your debts become unenforceable, you will have much of real, tangible value anyway. It's the biggest theft in history. [/quote] [/quote]
Original Message
If the dollar takes a dive or dies completely, and there are bank holidays to allow for its devaluation and/or replacement, what happens to existing debt on the books?
I know that any cash you have on hand and in the bank will now suddenly worth less in value. But will the same recalculation be done on your debt? Or will that stay at the same value, and you're effectively screwed?
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