What happens to my debt when the dollar collapses?
May 3, 2013 in Economics
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.
also, am I stupid or smart to use my extra money from my job to prepare rather than pay down my loans?