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So should I pay off all my debt or sit on the cash?

 
Anonymous Coward
User ID: 30373844
United States
03/17/2013 05:45 AM
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So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
T-Man

User ID: 29080459
Netherlands
03/17/2013 05:46 AM

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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844


pay of half. and have enough money at hand for whatever
Anonymous Coward
User ID: 3009226
United States
03/17/2013 05:49 AM
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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844



Everyone should strive to be debt free...

also they should strive to have at least $1000 emergency fund on hand.

OP, Get your EF and then pay off those parasites

Debt Free, It's the best feeling next to "Won Money"
6EQUJ5

User ID: 1072087
United States
03/17/2013 05:50 AM

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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844


I have been debt free since 1998

right now, you can't say that........

Winners Always Win
losers always lose
Anonymous Coward
User ID: 17787972
United Kingdom
03/17/2013 05:50 AM
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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844



Everyone should strive to be debt free...

also they should strive to have at least $1000 emergency fund on hand.

OP, Get your EF and then pay off those parasites

Debt Free, It's the best feeling next to "Won Money"
 Quoting: Anonymous Coward 3009226


Cash is king, hold on to it
Anonymous Coward
User ID: 3009226
United States
03/17/2013 05:55 AM
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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844



Everyone should strive to be debt free...

also they should strive to have at least $1000 emergency fund on hand.

OP, Get your EF and then pay off those parasites

Debt Free, It's the best feeling next to "Won Money"
 Quoting: Anonymous Coward 3009226


Cash is king, hold on to it
 Quoting: Anonymous Coward 17787972



Yep, but you can't be king, when you owe someone else.
Anonymous Coward
User ID: 20119379
Australia
03/17/2013 06:02 AM
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Re: So should I pay off all my debt or sit on the cash?
cash is king today & only good for wiping yr ass tomorrow. if u have cash make sure u have the things REAL THINGS that you might need. dont pay off the debt, they shouldnt have loaned you any money, it was silly of them
Anonymous Coward
User ID: 36349970
United States
03/17/2013 06:05 AM
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Re: So should I pay off all my debt or sit on the cash?
Put that money to work....that's how the rich do it.
T-Man

User ID: 29080459
Netherlands
03/17/2013 06:07 AM

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Re: So should I pay off all my debt or sit on the cash?
as we see in cyprus now.
whatever you do. dont have a large amount of money on a bank account cuz they can just take it if they want.

id say try to have (like the other guy said) atleast 1000 at hand. dont pay off all your debt if that means you wont have that.
mr.goodbytes
User ID: 35054660
United States
03/17/2013 06:13 AM
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Re: So should I pay off all my debt or sit on the cash?
I have been arguing with my wife about this forever. She takes 100% + of our income and puts it toward bills and reserves nothing for savings. I am of the mind we should be spending as much of our money as possible on preparedness but she doesn't buy into the whole SHTF situation. My thing is this: once we need it, its going to be too late to get it. We live near New Orleans, there's 101 things that could go bat shit crazy here and I just want to be prepared for any one of those eventualities. We have two infant children as well (twin boys) also which only incenses me more to prepare.
Anonymous Coward
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03/17/2013 06:15 AM
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Re: So should I pay off all my debt or sit on the cash?
Whats your opinion regarding holding cash today.

I understand paper money may not be worth the paper it was printed on, BUT WOULD A ROLL OF QUARTERS BE RECOGNIZED AS BEING WORTH ANYTHING?
T-Man

User ID: 29080459
Netherlands
03/17/2013 06:18 AM

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Re: So should I pay off all my debt or sit on the cash?
I have been arguing with my wife about this forever. She takes 100% + of our income and puts it toward bills and reserves nothing for savings. I am of the mind we should be spending as much of our money as possible on preparedness but she doesn't buy into the whole SHTF situation. My thing is this: once we need it, its going to be too late to get it. We live near New Orleans, there's 101 things that could go bat shit crazy here and I just want to be prepared for any one of those eventualities. We have two infant children as well (twin boys) also which only incenses me more to prepare.
 Quoting: mr.goodbytes 35054660


well preparing for a real shtf scenario sounds kinda stupid.
never hurts to have some money at hand. and have a way of protection. some extra wather and food. etc
not like spending a shit load on preps
T-Man

User ID: 29080459
Netherlands
03/17/2013 06:18 AM

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Re: So should I pay off all my debt or sit on the cash?
Whats your opinion regarding holding cash today.

I understand paper money may not be worth the paper it was printed on, BUT WOULD A ROLL OF QUARTERS BE RECOGNIZED AS BEING WORTH ANYTHING?
 Quoting: Anonymous Coward 14270355


lol

youd be better off having silver
even if that wont be worth nothing. people will still think its worth something and something they can trade

hey for all care you could have some fake gold! lol
good luck testing that during the apocalypse
Anonymous Coward
User ID: 36351403
United States
03/17/2013 06:22 AM
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Re: So should I pay off all my debt or sit on the cash?
buy gold, declare bankruptcy.
Anonymous Coward
User ID: 1403333
United Kingdom
03/17/2013 06:23 AM
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Re: So should I pay off all my debt or sit on the cash?
Some bitcoins, some silver and a bit of debt...
hf
Judethz
Israel is Eternal

User ID: 20521597
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03/17/2013 06:26 AM

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Re: So should I pay off all my debt or sit on the cash?
buy gold, declare bankruptcy.
 Quoting: Anonymous Coward 36351403


Beans You can't eat gold.
T-Man

User ID: 29080459
Netherlands
03/17/2013 06:33 AM

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Re: So should I pay off all my debt or sit on the cash?
buy gold, declare bankruptcy.
 Quoting: Anonymous Coward 36351403


Beans You can't eat gold.
 Quoting: Judethz


you cant eat your money either right now, can you?

get it "can" you? :P
Anonymous Coward
User ID: 36181764
Canada
03/17/2013 06:34 AM
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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844


Hide your money, declare bankruptcy, and tell them all to fuck off.
Anonymous Coward
User ID: 36181764
Canada
03/17/2013 06:35 AM
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Re: So should I pay off all my debt or sit on the cash?
buy gold, declare bankruptcy.
 Quoting: Anonymous Coward 36351403


:Beans: You can't eat gold.
 Quoting: Judethz


LAME to the 10th power.
Statements like that just show the rest of us that you are a parrot for TBTB, the Mockingbird Media, or both.
Anonymous Coward
User ID: 31824263
United States
03/17/2013 06:42 AM
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Re: So should I pay off all my debt or sit on the cash?
think of it this way

It's very likely the percentage you're paying on your debt is higher than you could get for your savings

therefor it makes sense to pay it all off as soon as possible
 Quoting: ^TrInItY^


another way to look at it is via inflation and currency collapse.

With inflation your tomorrow or day after tomorrow dollars are going to be worth less, so if you pay them back later, you are paying with devalued dollars.

When currencies collapse or are replaced, the old currency is worth very little, ir anything at all. Precious metals will still maintain their value, and could still come back as backing for a new currency. So one thought is to pay some debt, put some into PM, and use the rest to buy things you can always use, regardless of the situation.

Just some thoughts.
Anonymous Coward
User ID: 36131456
United Kingdom
03/17/2013 06:44 AM
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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844


Hide your money, declare bankruptcy, and tell them all to fuck off.
 Quoting: Anonymous Coward 36181764


My guess is that tptb will know who has gold and when the time comes they will be taking it back, you could always shoot it out with them to try and keep it, but you will end up dead, your choice.
On the other hand you could pay off your debt and save yourself from slaving away in a private prison, which is coming down the pipe, they are just not called debtors prisons anymore.
Anonymous Coward
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03/17/2013 06:47 AM
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Re: So should I pay off all my debt or sit on the cash?
If it saved me money on interest I'd pay off that particular debt. Otherwise I'd hold the cash.
Anonymous Coward
User ID: 23353291
United States
03/17/2013 07:02 AM
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Re: So should I pay off all my debt or sit on the cash?
Are you kidding me?? Don't pay one fucking dime.
Anonymous Coward
User ID: 36178518
Mexico
03/17/2013 07:55 AM
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Re: So should I pay off all my debt or sit on the cash?
Assuming there is no doomsday scenario, it is always better to NOT be paying interest on anything. To own it free an clear is far less expensive. So, if you think the world is going to continue plugging along as is, pay off any and all debt.

If you think there's a currency collapse in the future, there is still good reason to pay off debt. Someone above mentioned that you'd be paying off the debt with devalued currency. That's not how it will go down.

Look at Argentina as an example of how the banks will re-evaluate debt based on new value of the currency. A currency devaluation, followed by an economic breakdown, will make it far more difficult for you to make payments on your debt. And banks will eventually foreclose on the items you owe money on.
natasha77
DOOMSEXY

User ID: 35682194
United States
03/17/2013 08:30 AM

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Re: So should I pay off all my debt or sit on the cash?
I would just be current on all bills, don't spend and save.
SPEAK UP. SILENCE IS DEADLY!

I am currently experiencing life at several WTFs per hour.

flatearth
Anonymous Coward
User ID: 22845396
United States
03/17/2013 08:32 AM
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Re: So should I pay off all my debt or sit on the cash?
Debt is not real. Don't pay it unless it's to family or friends.

Any debt to banks, corporations or agencies is fake.
Anonymous Coward
User ID: 12698388
United States
03/17/2013 08:35 AM
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Re: So should I pay off all my debt or sit on the cash?
Ran into this situation. I paid the debt off, even though I had the cash. Fortunately, nothing bad happened for a long time and now the debt would have been paid naturally. It took me years to pay it off. Now I will never go back to that situation.

good luck with your decision OP.
Chrit

User ID: 27088294
United States
03/17/2013 08:37 AM

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Re: So should I pay off all my debt or sit on the cash?
What type of debt?

Paying off something like a car loan early is rather pointless. You owe what you owe the second you signed the loan regardless of how fast you pay it off.

A home loan on the other hand can save you tens of thousands if you pay it off early.
I'm only human, it's my biggest flaw.

We must all realize a sink a chair and a pillow are all luxuries of home and a soldiers helmet takes the place of all three.
Anonymous Coward
User ID: 1210803
United States
03/17/2013 08:39 AM
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Re: So should I pay off all my debt or sit on the cash?
What would be the smartest way to go?
 Quoting: Anonymous Coward 30373844


I have been debt free since 1998

right now, you can't say that........

 Quoting: 6EQUJ5


Captain Obvious, is that you???
Anonymous Coward
User ID: 20566260
United States
03/17/2013 08:45 AM
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Re: So should I pay off all my debt or sit on the cash?
Pay your debt.
Anonymous Coward
User ID: 34765812
United Kingdom
03/17/2013 08:47 AM
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Re: So should I pay off all my debt or sit on the cash?
pay up. who in their right mind would STAY in debt, to anyone?

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