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

 
508527

User ID: 1100406
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10/27/2010 10:13 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.

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.
 Quoting: JoeNeubarth

your debt will stay the same, so will your paycheck. i don't get what you're saying.
JoeNeubarth

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10/27/2010 10:15 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.
 Quoting: Anonymous Coward 1136370

You have already seen that. If you have not refinanced your mortgage to under 4%, you are a fool. We are seeing massive DEFLATION in this country right now. Sometime in the future, we will see INFLATION. Those people who have bought property just before the INFLATION hits will be the new millionaires a few years later.
1st Place in Novel Sales for 6 yrs!
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JoeNeubarth

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10/27/2010 10:16 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.

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.

your debt will stay the same, so will your paycheck. i don't get what you're saying.
 Quoting: 508527

Why do you think your paycheck will not keep up with inflation. Mine always did before I retired in 2001.
1st Place in Novel Sales for 6 yrs!
[link to www.mobipocket.com]
Anonymous Coward
User ID: 1128545
Netherlands
10/27/2010 10:18 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.

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.

your debt will stay the same, so will your paycheck. i don't get what you're saying.

Why do you think your paycheck will not keep up with inflation. Mine always did before I retired in 2001.
 Quoting: JoeNeubarth


Was about to ask that. Don't your paychecks get corrected by atleast the inflation rate in the US? They do here, and as I said in my previous post, my knowledge is all dutch knownledge, not sure how it works in the US.
508527

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10/27/2010 10:21 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.

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.

your debt will stay the same, so will your paycheck. i don't get what you're saying.

Why do you think your paycheck will not keep up with inflation. Mine always did before I retired in 2001.
 Quoting: JoeNeubarth

even if it did "keep up" with inflation, what you're saying doesn't make sense. your pay would have to far outpace inflation in order to pay your home off with a few paychecks.
Anonymous Coward
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10/27/2010 10:26 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
LOL @ the people who think their paychecks are gonna go up.

They are busy collapsing the entire system, jobs are leaving and not coming back.

Some of you have no idea what's in store.
ANNONYMOUS
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10/27/2010 10:28 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.

Gotcha.

Just out of curiosity, have wages ever been raised throughout history to combat inflation/devaluation to and effective end?
 Quoting: Anonymous Coward 1136370

5a

The answer to that is a resounding NO. As an example the min wage in '69 was about $1.50. Based on that the min wage today should be over $15 when you determine the value of todays $ is about 1/10 of the '69 dollar. There have been some noticeable differences such as Union Wages which tended to keep up with the inflationary spiral but in general NO/NADA. The answer has been to extend huge amounts of CREDIT to people allowing it to appear that wages were keeping up. That is what helped get us into this mess we are in now!
Anonymous Coward
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10/27/2010 10:37 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
No one knows the answer regarding debt. If the dollar is simply devalued after a bank holiday then nothing would change with existing debt but imports would go up in price based on the % devaluation.

If the dollar crashes completely (not likely in the near term) and a new currency is initiated than one would assume that the new debt would be redenominated in the new currency.
Anonymous Coward
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10/27/2010 10:49 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
For the average homeowner this is what you must do.

1. Sell existing real estate and rent instead. If you are determined to stay put then refinance into a 30 year fixed at sub 4%. Those rates are on the horizon probably 1st quarter of 2011.

2. Eliminate all other debt by any means necessary. Pay it off or default.

3. Hold physical gold and silver. A minimum of 30% of your savings. I prefer 40% and could justify 50% if not for liquidity issues.

4. Keep cash on hand and out of the banks. Only 3 months worth of expenses should be kept in the banks.

5. Any other savings could be used to buy miners when the market sells off, or other commodities.

* If you are a broke ass bitch then buy food, water filters, and guns. This is something everyone should do anyway.
Lil Miss Trouble

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10/27/2010 10:59 AM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
bump
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User ID: 1081321
United States
10/27/2010 11:26 AM

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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Thank you, OP, for posting this thread.

Although I can see that should this happen, any outcome is still to be determined, I am a lot more educated today than yesterday.

Another question:

My mortgage is one of those dreaded interest only/minimum payment notes that is remarkably working for me, since the current interest rate in under 4%.

It will be impossible for me to refinance into a comparably low fixed rate, due to the downward spiral I have entered since my husband's death. I do not have, and, will not have the documents now necessary to do so [even though this did not seem to matter when the mortgage was originated.]

If the dollar fails, I assume that interest rates will skyrocket. I think my note has a cap of 9%.

What kind of scenario might I expect should TSHTF?

My savings are now tapped, my credit rating has diminished as creditors cut my credit lines and raise interest rates. My wages are hardly enough to sustain us as it is.

Am I screwed?

Thanks to anyone who can enlighten me...
Anonymous Coward
User ID: 1131863
United States
10/27/2010 02:43 PM
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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


Our Money is not backed by gold.
Anonymous Coward
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10/27/2010 02:49 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
your debt will stay the same, so will your paycheck. i don't get what you're saying.
 Quoting: 508527


Your paycheck will go up idio. There will be million dollar notes circulating. A loaf of bread for a Million dollars.

Believe it. It is real. It has happened before hundreds of times. Your paycheck could easily be 2 billion dollars/month. Imagine how easy it would be to pay off a 200,000 mortgage.

The banks won't even bother collecting anyway.
Anonymous Coward
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10/27/2010 02:51 PM
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Re: 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?
 Quoting: Anonymous Coward 975720


Everything else will be written off save OUR debts, bank on it.
Can't very well keep a populous enslaved when they have no debt.
Anonymous Coward
User ID: 1086988
United States
10/27/2010 02:58 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro
nwdoom

User ID: 1136570
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10/27/2010 03:01 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro
 Quoting: Anonymous Coward 1086988

iamwith
GaGal
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10/27/2010 03:03 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
The paychecks of government workers will go up, not necessarily so for the average Joe. The only way the average small business will get their hands on enough money to increase their employee's pay will be if some of that gov money gets spent at their businesses.
Anonymous Coward
User ID: 990655
United States
10/27/2010 03:07 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Thank you, OP, for posting this thread.

Although I can see that should this happen, any outcome is still to be determined, I am a lot more educated today than yesterday.

Another question:

My mortgage is one of those dreaded interest only/minimum payment notes that is remarkably working for me, since the current interest rate in under 4%.

It will be impossible for me to refinance into a comparably low fixed rate, due to the downward spiral I have entered since my husband's death. I do not have, and, will not have the documents now necessary to do so [even though this did not seem to matter when the mortgage was originated.]

If the dollar fails, I assume that interest rates will skyrocket. I think my note has a cap of 9%.

What kind of scenario might I expect should TSHTF?

If you cant afford the house then forget it. Dont worry about it. Im assuming you have little to know equity since you claim you cant refinance.

My savings are now tapped, my credit rating has diminished as creditors cut my credit lines and raise interest rates. My wages are hardly enough to sustain us as it is.

Am I screwed?

Thanks to anyone who can enlighten me...
 Quoting: Esoteric Morgan
Anonymous Coward
User ID: 1128071
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10/27/2010 03:09 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I can tell you what happened to debt in Weimar Germany when the reichsmark collapsed.

The debt that people had was converted from the mark, and had to be paid in gold.

And the people who owed those debts were completely FUCKED because they had to pay their debts in gold. Their debt consequently skyrocketed to the stratosphere.

This is an absolute historical FACT.

Therefore, people, do not count on being able to pay your debts with a deflated dollar.

They will not allow this to happen.

This is one reason why a gold based economy will NOT work. It will not eliminate serfdom or people's ability to pay off their debts.

Listen to me, this is what will happen.

The dollar will collapse, and all debts will be converted by to gold, because the bankers sure aren't going to allow themselves to be screwed. The politicians will go along with this because they are being paid off.

For the same reason, Obama is going to change his pocket veto to approval of robo-signing of fake papers to foreclosing on people's homes.

Watch, and you will see. Everything I am telling you now is going to happen.
Anonymous Coward
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10/27/2010 03:14 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Three words...










ROSETTA STONE MANDARIN!
Anonymous Coward
User ID: 1086988
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10/27/2010 03:19 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro

iamwith
 Quoting: nwdoom


Watch and learn

The Dollar will be going up and Gold going down.
nwdoom

User ID: 1136570
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10/27/2010 03:21 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I can tell you what happened to debt in Weimar Germany when the reichsmark collapsed.

The debt that people had was converted from the mark, and had to be paid in gold.

And the people who owed those debts were completely FUCKED because they had to pay their debts in gold. Their debt consequently skyrocketed to the stratosphere.

This is an absolute historical FACT.

Therefore, people, do not count on being able to pay your debts with a deflated dollar.

They will not allow this to happen.

This is one reason why a gold based economy will NOT work. It will not eliminate serfdom or people's ability to pay off their debts.

Listen to me, this is what will happen.

The dollar will collapse, and all debts will be converted by to gold, because the bankers sure aren't going to allow themselves to be screwed. The politicians will go along with this because they are being paid off.

For the same reason, Obama is going to change his pocket veto to approval of robo-signing of fake papers to foreclosing on people's homes.

Watch, and you will see. Everything I am telling you now is going to happen.
 Quoting: Anonymous Coward 1128071

Assuming your right, so lets say a $150,000 Mortgage converts to a gold debt. How many oz's would that be? Im thinking 1/4 or a 1/10 oz would be fine with me LOL
nwdoom

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10/27/2010 03:24 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro

iamwith


Watch and learn

The Dollar will be going up and Gold going down.
 Quoting: Anonymous Coward 1086988

The only way that will happen if the Govt pays off all the debt and we have a surplus. We are 15 trillion in the hole. You are smoking weed if you think the more money they print the stronger the dollar gets. While your at it run and sell all your gold ASAP (if you have any) convert to cash. That is what they want, then you can guarantee that you'll be a ward of the state
Anonymous Coward
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Canada
10/27/2010 03:25 PM
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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.
 Quoting: Anonymous Coward 1128545

excpet intrest rates. your 5.5% will become 17.5%
Anonymous Coward
User ID: 1086988
United States
10/27/2010 03:30 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro

iamwith


Watch and learn

The Dollar will be going up and Gold going down.

The only way that will happen if the Govt pays off all the debt and we have a surplus. We are 15 trillion in the hole. You are smoking weed if you think the more money they print the stronger the dollar gets. While your at it run and sell all your gold ASAP (if you have any) convert to cash. That is what they want, then you can guarantee that you'll be a ward of the state
 Quoting: nwdoom


With all due respect, what I am saying is that is a rigged game.

peace
mavric

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10/27/2010 03:34 PM
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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.
 Quoting: Anonymous Coward 1128545


this
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

Frederic Bastiat
nwdoom

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10/27/2010 03:37 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro

iamwith


Watch and learn

The Dollar will be going up and Gold going down.

The only way that will happen if the Govt pays off all the debt and we have a surplus. We are 15 trillion in the hole. You are smoking weed if you think the more money they print the stronger the dollar gets. While your at it run and sell all your gold ASAP (if you have any) convert to cash. That is what they want, then you can guarantee that you'll be a ward of the state


With all due respect, what I am saying is that is a rigged game.

peace
 Quoting: Anonymous Coward 1086988

I agree 100% Peace brother!
cheers
hot6
mavric

User ID: 1064293
United States
10/27/2010 03:38 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
Sorry

The Dollar is not going to crash!

afro

iamwith
 Quoting: nwdoom


iamwith iamwith

i would more worry about gold as we spiral into deflation
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

Frederic Bastiat
Anonymous Coward
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10/27/2010 03:41 PM
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Re: If Dollar Crashes/Collapses, What Happens to Mortgage & Credit Card Debt?
I can tell you what happened to debt in Weimar Germany when the reichsmark collapsed.

The debt that people had was converted from the mark, and had to be paid in gold.

And the people who owed those debts were completely FUCKED because they had to pay their debts in gold. Their debt consequently skyrocketed to the stratosphere.

This is an absolute historical FACT.

Therefore, people, do not count on being able to pay your debts with a deflated dollar.

They will not allow this to happen.

This is one reason why a gold based economy will NOT work. It will not eliminate serfdom or people's ability to pay off their debts.

Listen to me, this is what will happen.

The dollar will collapse, and all debts will be converted by to gold, because the bankers sure aren't going to allow themselves to be screwed. The politicians will go along with this because they are being paid off.

For the same reason, Obama is going to change his pocket veto to approval of robo-signing of fake papers to foreclosing on people's homes.

Watch, and you will see. Everything I am telling you now is going to happen.

Assuming your right, so lets say a $150,000 Mortgage converts to a gold debt. How many oz's would that be? Im thinking 1/4 or a 1/10 oz would be fine with me LOL
 Quoting: nwdoom



No.

The currency devaluation and gold has an inverse relationship.

The less the currency is worth, the more gold is worth.

Don't you see?

You will be screwed.

The bankers/government will decide how many ounces of gold you will have to pay per dollar of debt. They my decide that for every 500 dollars in debt, you will have to pay one ounce of gold.

Nevermind that you will have to pay several thousand dollars on the market for one ounce of gold.

And guess who will own all the gold and be selling it to you? The fucking bankers LOL.

No it will not benefit you one bit.
OsoSmooth

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Moldova, Republic of
10/27/2010 03:50 PM
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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.



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.
 Quoting: Anonymous Coward 946424


That my friend is exactly why the dollar will not crash any time soon.
"Any treatment, regardless of its effectiveness will be suppressed by Big Pharma if they cannot profit from it" A quote from and in memory of my good friend JAB who was the Ultimate Big Pharma Insider.

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