Survival Survey: The Debt Question
A few days ago I posted a few suggestions for preparing for the coming apocalypse, however you define ‘apocalypse’. One of them was to become debt-free. My reasoning is that having very little, or no, debt places your family in a more secure position for the future, whatever comes. However, my suggestion was met with a bit of criticism.
Mike said, “That said, a statement like this just doesn’t make 100% sense. If our economy experiences hyperinflation or a complete meltdown shouldn’t I feel a bit like a fool for working my butt off the next six months to pay some credit card companies $2,000 when two years from now I might be able to sell a banana for $2,000 or if the credit card companies no longer even exist?”
Then Sierra Dave chimed in, “I chose having the food, debt be damned. Any argument otherwise is to leave you unprepared.”
There were a handful of comments who supported my position. Master Po said, “Don’t fall for the idea that debt will disappear if TSHTF in the economy!! Unless our nation literally falls apart into a Mad Max world, I assure you someone somewhere WILL eventually come looking for repayment of that debt. And don’t be surprised if the full weight of law and government is behind them!”
And Mary kind of stradles the fence, “Mike makes a point that I have pondered myself. From a stand point of my principles, I couldn’t do it, because I believe in making good on what I owe. For me, it’s my “word and credibility” that would keep me from taking on debt for tangibles and hoping the credit card companies wouldn’t be around to collect. On the other hand, having a small amount of debt that I would still pay off, even if the dollar wasn’t worth as much probably wouldn’t bother me, after all, it would be the boat we were all in.”
So, this Survival Survey asks, “Where do you stand on debt in the face of a coming economic collapse, be it hyperinflation, deflation, whatever? Do you rack up debt buying food and other supplies and not worry about paying off the debt? Do you pay off all debt, except for maybe the mortgage, as quickly as possible? What should you do about debt in today’s very uncertain world?”
Mike and Sierra Dave have made some very compelling points, and I’m considering making the minimum payment on that last bit of Visa debt this month! What say you?
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