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What happens to my debt when the dollar collapses?

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May 3, 2013 in Economics

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I’ve been trying to understand what’s going to happen when the dollar collapses so I can prepare myself accordingly, however one thing I have been unable to figure out is what will happen to debt. I’m about to graduate from law school and I’ve accrued about $85, 000 in student debt. 60 is to the government and 25 is to a private bank. I can’t find a good answer to the question of what happens to debt when the currency it is denominated in collapses. Is that because we don’t know? Does something different happen to my private loans than my public loans? They wouldn’t re-denominate all debts into a new currency, would they?

PS I’m new here, sorry if I posted in the wrong place.

Thanks!

also, am I stupid or smart to use my extra money from my job to prepare rather than pay down my loans?


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9 responses to What happens to my debt when the dollar collapses?

  1. Brian said on May 3, 2013

    Wow, here is the only post that people jump in on to comment about! Debt! I too have thousands of dollars of debt in student loans, mortgage and credit cards. I see it this way, After the fall of Rome did anyone worry about what they owed? How about the people, all the people in Europe in 1945? Did they worry about debt? The way I see it, I wont fit into the NWOs plans, so I do not intend to see it as an issue. My life, my freedom are what matters to me. F the debt!

    • Billy said on May 4, 2013

      Well said. Sometimes its just difficult to learn to discard the deeply ingrained societal paradigms that we’re going to have to discard in the years to come. That’s why I’ve always admired and aspired to be like, above all other historical figures, Diogenes of Sinope, the Cynic philosopher. I guess the time has come to follow his lead by defacing the currency and burning the credit cards so we can focus on more important things.

  2. I hope they don’t plan on filling FEMA camps with debtors. Whew, gotta pay off Cap.1! LOL

    • Billy said on May 4, 2013

      I’ll die before I go to those camps. But I’ll try to run first, no need to die if I don’t need to. Alaska looks really promising to me. I have always wanted to move there

    • In all likelihood, that’s EXACTLY what is going to happen to individuals who are going to default on their debt. They will be shipped to the FEMA camps. The Dept of Homeland Security has already indicated that on top of the “list” of America’s ‘enemies’ will be those that don’t pay their taxes. So why should debt defaulters be any different? Obama has already stated VERY clearly that you don’t have to be a ‘criminal’ as such to be arrested and detained INDEFINITELY. The last place you want to find yourself in are those camps. American citizens WILL be killed there, and that by guillotine. Don’t mean to scare you folks but THIS IS REALITY and it’s happening RIGHT NOW! Scary I know…….!

  3. John said on May 3, 2013

    I believe that unless they change your original contract, which you would have to agree to, you should still be able to pay your loan with the worthless dollars (they’re already worthless), because that’s what they agreed to accept for payment. That may be the only good thing to come from the total collapse of the dollar. People with debt should be able to pay off their debts, unless they are completely out of work. BUT the government changes the rules constantly without any regard to the constitution or the people so I could be completely wrong. This is why we should all just completely disregard anything and everything they do that’s unconstitutiona; and immoral. I’m new here too and trying to learn how to get around the site.

    • Billy said on May 4, 2013

      The current congress and president have little to no respect for the Constitution, that’s why I’m worried. The Supreme Court may protect us a little bit for a little while, but even if they wanted to, they can’t stem the tide of what’s coming. I don’t even think they want to though. We’ll see if they grant cert on the NDAA case that’s currently pending, I doubt they will.

  4. have you thought about perhaps you could settle on your loans? theyll usually let you go by just paying 60 percent. ive thought about just melting my credit cards over supplies and just not pay back lol…im going to wait a few months but i think im going to do it.

    • Billy said on May 4, 2013

      Nice…burn those things, hopefully after maxing them out! Brian’s right, we have to adjust our priorities on this kind of stuff.

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