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If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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[quote:st8kout:MV8xMjM0MzY1XzI4NDAyMTQxXzJCOTdEQzA0] It would not happen overnight. You would not wake up one morning to the news that the dollar is now worthless. But, as is happening now due to inflation, we are seeing ever increasing food and commodity prices eating up more and more of our household budgets making it harder to pay our mortgage and credit card debts. So long before the dollar would 'officially' collapse, you probably would not have a mortgage because you would have already defaulted on your payments and lost your home, and/or declared bankruptcy, along with the rest of the population. We will all be in the same sinking boat. We would need most of our money to buy food if it got to that point. So what can you do about it now? Get out of the credit card trap for starters. I managed to do it several years ago. I still use a credit card but I pay off the monthly balance every month. In fact, I put all my monthly bills on autopay through it and the card statement is now my friend that gives me a nice neat list of all my monthly spending, plus I get a minimum of 1% cash back (my bank sometimes gives back more for certain things). It's not a lot, but now I actually get money from them, plus using auto billpay is great. A whole lot less hassle plus you are never late. The credit card company can raise the interest rate all they want. Does not matter to me as I never have to pay it. By the way, you NEVER want money coming directly from your checking account for autopay, NEVER. Using your credit card isolates your checking account, keeping you in control over any bank errors, computer glitches, hackers, whatever. You don't want to find out one day that all your money is gone and have to fight with the bank to get it back. At least with a credit card you can dispute some questionable outrageous charge you did not make. [/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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