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If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?

 
Anonymous Coward
User ID: 975720
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10/27/2010 08:49 AM
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If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
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?
Anonymous Coward
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10/27/2010 08:59 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
are you kiddin me?

dollar crashes im not paying shit back!

Better be thinking about feeding yourself first.
Anonymous Coward
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10/27/2010 09:01 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I'm not sure but there are plenty of countries where currency has collapsed, go look up Germany or Argentina and see what happened there to debt and let us know.
Is-It-True

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10/27/2010 09:03 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
GOOD QUESTION.

I'm not sure but there are plenty of countries where currency has collapsed, go look up Germany or Argentina and see what happened there to debt and let us know.
 Quoting: Anonymous Coward 500362
Anonymous Coward
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10/27/2010 09:05 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Do you really think you'll be worrying about your credit card bill after you haven't eaten for a week?
Anonymous Coward
User ID: 1143568
United States
10/27/2010 09:07 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
China is going to be really angry. Tell them they can come and get all their stuff they made for us, we have mountains of it here, and they can take it back with them. But I think Billary allready gave them eminent domain rights. Of yeah, Mortagage and Credit Card Debts will be nonexistant, what are you going to pay with, blood? Lets hope they do not try to reinstitute debtors prisons once again.
Anonymous Coward (OP)
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10/27/2010 09:08 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Do you really think you'll be worrying about your credit card bill after you haven't eaten for a week?
 Quoting: Anonymous Coward 1143540


You're assuming I haven't taken care of the food, water and firearms issue. Check, check and check.

Next comment?
Anonymous Coward
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10/27/2010 09:15 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
its unclear to me what happens but I do have a curiousity about gold, if our money is backed by gold standard and gold goes through the roof then why doesn' t that make our dollar more valuable?
Anonymous Coward
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10/27/2010 09:16 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
China is going to be really angry. Tell them they can come and get all their stuff they made for us, we have mountains of it here, and they can take it back with them. But I think Billary allready gave them eminent domain rights. Of yeah, Mortagage and Credit Card Debts will be nonexistant, what are you going to pay with, blood? Lets hope they do not try to reinstitute debtors prisons once again.
 Quoting: Anonymous Coward 1143568



Yep....if the Bilderbergs successfully collapse the dollar....China is going to be really pissed off.....and with their continued build up of their arsenal...and this government cutting ours.....it could possibly be Red Dawn for us....debtors prisons? Do they have enough prisons for entire population? I mean, babies born today are already in debt over $40,000.00.......Thanks two party system!
Anonymous Coward
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10/27/2010 09:17 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Do you really think you'll be worrying about your credit card bill after you haven't eaten for a week?


You're assuming I haven't taken care of the food, water and firearms issue. Check, check and check.

Next comment?
 Quoting: Anonymous Coward 975720


Then why are you still worrying about your credit card bill.
Anonymous Coward
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10/27/2010 09:17 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
From what I read, all bank debt and credit card debt will be wiped out...no longer collectible.

How could it be? It's fiat monies that are worthless so the debt would be worthless too.
Anonymous Coward
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United States
10/27/2010 09:18 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
its unclear to me what happens but I do have a curiousity about gold, if our money is backed by gold standard and gold goes through the roof then why doesn' t that make our dollar more valuable?
 Quoting: Anonymous Coward 982522



Inflation.....the more they print...in which they are warming up the presses again....the more worthless it becomes....it's not so much that gold is going up...it's that the dollar is going down....I think at this point, if you're not into gold, it's too late in the game to start now. Silver would be more viable....
Anonymous Coward
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10/27/2010 09:20 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
If the dollar goes under, I am going to hit the magnetic strip on my credit cards with a repolarization wave and alter the info on the strip.
That way, the banks cannot trace me and where I am from the card.
Anonymous Coward
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United States
10/27/2010 09:22 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
are you kiddin me?

dollar crashes im not paying shit back!

Better be thinking about feeding yourself first.
 Quoting: Anonymous Coward 1143571



Dude, that's exactly the wrong answer.

If the dollar crashes, you want to gather up all the dollars you see blowing down the street in the wind and pay off your mortgage and all your debt.

If the dollar crashes, it will be EASY to become debt free because you'll be paying off your debt with toilet paper.
Anonymous Coward
User ID: 946424
United States
10/27/2010 09:24 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
From what I read, all bank debt and credit card debt will be wiped out...no longer collectible.

How could it be? It's fiat monies that are worthless so the debt would be worthless too.
 Quoting: Anonymous Coward 1143474



Exactly. So would the government debt. Think about it... how does Washington erase $15 TRILLION in debt???

Destroy the dollar! Then they can offer up a new world currency, which THEY control, and start all over again from zero.

The only problem is that YOU will be wiped out, but they don't care about that.
Esoteric Morgan
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User ID: 1081321
United States
10/27/2010 09:40 AM

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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I've read through all of these posts, and I'm still confused:

IF the dollar crashes, how does this affect my mortgage note?

I don't see how my debt would simply be wiped out.

Even if my bank fails, won't the debt on my loan be transfered to another entity, who will then contact me for new payment arrangements?

This would mean that my debt is not wiped out, it is still a valid debt in some shape or form, right.

From what I have read in these thread answers, it seems that some of you are saying that the loan would be wiped out. That would mean that I'd then own my home free and clear.

That makes no sense to me, as much as I'd like it to be so.



Any help here, for me to understand how the system actually works?
Anonymous
User ID: 750018
United States
10/27/2010 09:47 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
China is going to be really angry. Tell them they can come and get all their stuff they made for us, we have mountains of it here, and they can take it back with them. But I think Billary allready gave them eminent domain rights. Of yeah, Mortagage and Credit Card Debts will be nonexistant, what are you going to pay with, blood? Lets hope they do not try to reinstitute debtors prisons once again.



Yep....if the Bilderbergs successfully collapse the dollar....China is going to be really pissed off.....and with their continued build up of their arsenal...and this government cutting ours.....it could possibly be Red Dawn for us....debtors prisons? Do they have enough prisons for entire population? I mean, babies born today are already in debt over $40,000.00.......Thanks two party system!
 Quoting: Anonymous Coward 1132432



There's over 800 FEMA prison camps sitting empty and ready.
Anonymous Coward
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Netherlands
10/27/2010 09:47 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Let me explain what I know, although it is my euro knowledge.

When the dollar crashes your debt will stay the same. The dollar crash will not happen within lets say 24 hours, it will be a longer process till it falls of a cliff. So you will get some bad inflation at first. So every dollar loses it's value more and more. Though your debt stays the same. At one point work payments will have to go up or you won't be able to buy food, that will happen. So you are going to make more dollars, though they lose value, but your debt is still the same in dollars. So you will be able to pay off the debt rather easly.

And if your current (for example) mortgage fails, it will be taken over by another party, which will try to maintain your current contract, or make you another proposal with similiar specifics.
Anonymous Coward
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10/27/2010 09:50 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
If the dollar goes under, I am going to hit the magnetic strip on my credit cards with a repolarization wave and alter the info on the strip.
That way, the banks cannot trace me and where I am from the card.
 Quoting: Anonymous Coward 1123709


If the dollar goes under, why are you even going to keep the credit cards?
Anonymous Coward
User ID: 699917
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10/27/2010 09:52 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
And if your current (for example) mortgage fails, it will be taken over by another party, which will try to maintain your current contract, or make you another proposal with similiar specifics.
 Quoting: Anonymous Coward 1128545


Like they've done with the loans from the failed banks so far?

lol
Anonymous Coward
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10/27/2010 09:57 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
The dollar is being collapsed by design to usher in a New World Currency.

You can bet your ass debt will be transfered over to this new system, should it come to pass.

My guess is they will offer settlements/reduced rates under this new system to try and get people to go along with it.
Anonymous Coward
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10/27/2010 09:57 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
The amount you owe will not change.

So if hyperinflation happens, and a silver dollar is worth 10,000$, and you owe 300,000$ to the bank for your house, just sell 30oz. of silver and you are debt free.

THe banker is the one getting fucked not you. You just bought a house for a handful of silver.

Bankers don't like getting paid back in hyperinflated currency though, and that is why it won't happen. They have the system rigged where they can make it go either way.

Also if hyperinflation happens and you have money in the bank, you are fucked. Because say you have 500,000$ cash, and then hyperinflation happens, you still have 500,000$ the only problem is that 500,000 now buys half a tank of gas and a snickers bar.
Anonymous Coward
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10/27/2010 09:59 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
its unclear to me what happens but I do have a curiousity about gold, if our money is backed by gold standard and gold goes through the roof then why doesn' t that make our dollar more valuable?
 Quoting: Anonymous Coward 982522

The dollar is not backed by Gold. It hasn't been in years. The "value" of the dollar is totally a fantasy.
Anonymous Coward
User ID: 1011642
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10/27/2010 10:01 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..
Anonymous Coward
User ID: 1136370
United States
10/27/2010 10:03 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
its unclear to me what happens but I do have a curiousity about gold, if our money is backed by gold standard and gold goes through the roof then why doesn' t that make our dollar more valuable?

The dollar is not backed by Gold. It hasn't been in years. The "value" of the dollar is totally a fantasy.
 Quoting: Anonymous Coward 1130234

Note* Nixon took us off the gold standard in 71'
Anonymous Coward
User ID: 1130234
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10/27/2010 10:06 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
China is going to be really angry. Tell them they can come and get all their stuff they made for us, we have mountains of it here, and they can take it back with them. But I think Billary allready gave them eminent domain rights. Of yeah, Mortagage and Credit Card Debts will be nonexistant, what are you going to pay with, blood? Lets hope they do not try to reinstitute debtors prisons once again.
 Quoting: Anonymous Coward 1143568


Drawing China into a war is part of the whole scheme. TPTB want to depopulate the planet and engaging China is in war is integral to their depopulation plan. Until China's economy is in ruins and tatters their new economic reality can't manifest. We are on the cusp of frightening times,friends.
Anonymous Coward
User ID: 1136370
United States
10/27/2010 10:07 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..
 Quoting: Anonymous Coward 1011642


If you dollar is worth 50% of what it was the previous year, and a gallon of milk now costs twice as much as it did at that time, how does this making paying debt easier?

You are being paid exactly what you were before, and you are now spending twice as much for day-to-day expenses...
508527

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10/27/2010 10:08 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..


If you dollar is worth 50% of what it was the previous year, and a gallon of milk now costs twice as much as it did at that time, how does this making paying debt easier?

You are being paid exactly what you were before, and you are now spending twice as much for day-to-day expenses...
 Quoting: Anonymous Coward 1136370

well, they are ASSUMING your pay will go up too, but i seriously doubt that.
JoeNeubarth

User ID: 1127812
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10/27/2010 10:11 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
are you kiddin me?

dollar crashes im not paying shit back!

Better be thinking about feeding yourself first.
 Quoting: Anonymous Coward 1143571

If the Dollar crashes, you silly clown, that means we have had tremendous inflation. If so, you could pay your mortgage with just one or two pay checks. You'd be a total fool not to pay if off because you'd be able to sell it in the future and make considerable profit.
1st Place in Novel Sales for 6 yrs!
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Anonymous Coward
User ID: 1136370
United States
10/27/2010 10:12 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..


If you dollar is worth 50% of what it was the previous year, and a gallon of milk now costs twice as much as it did at that time, how does this making paying debt easier?

You are being paid exactly what you were before, and you are now spending twice as much for day-to-day expenses...

well, they are ASSUMING your pay will go up too, but i seriously doubt that.
 Quoting: 508527

Gotcha.

Just out of curiosity, have wages ever been raised throughout history to combat inflation/devaluation to and effective end?
Anonymous Coward
User ID: 1084099
India
10/27/2010 10:13 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Inflation and dollar crash are a debtors best friend!!!!
Thats why they are doing it.
Worthless money to pay off debt.
If it takes a zillion dollars to buy bread, you still owe $500 on your credit card it gets easy to pay it off...

Dollar devaluation and hyperinflation are used to get us all out of debt.

This will suck for those who were good with their money and are responsible..


If you dollar is worth 50% of what it was the previous year, and a gallon of milk now costs twice as much as it did at that time, how does this making paying debt easier?

You are being paid exactly what you were before, and you are now spending twice as much for day-to-day expenses...

well, they are ASSUMING your pay will go up too, but i seriously doubt that.
 Quoting: 508527

if u have savings in gold n silver

u can still be winner if usd crashses /collapses

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