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View Diary: If the Euro fails. (282 comments)

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  •  Debt, especially a mortgage, can cut both ways (4+ / 0-)
    Recommended by:
    beforedawn, Nulwee, ozsea1, Creosote

    Nice to be debt free, but having all your assets in an illiquid house can be a disaster.  On the other hand, having a debt payment you can no longer meet due to unemployment also sucks.  We've kept a mortgage. really only way to live in a decent place in a high-cost area, but little other debt.

    As for buying stuff, there's an awful lot of it around used--often of better quality than new.   The quality of most things you can buy is compromised by low-buck manufacturing right now.  

    •  hehe (3+ / 0-)

      "debt payment you can no longer meet..."

      seems like there's an obvious solution to that one.  

      I mean, if we're talking about a total collapse scenario, most people aren't going to be too worried about paying off the banksters.  If you really think everything is going to collapse, you'd be best off to run the credit cards up to the max and stock up on hand tools (not the power kind), dried beans, rolled oats (did you know they never go bad, even after decades!), seeds of various kinds and of course guns and plenty of ammo.  In a collapse scenario, those things will serve far better than a good credit score.

      When the power of love overcomes the love of power, there will be peace. - Jimi Hendrix

      by CharlieHipHop on Sun Nov 27, 2011 at 05:12:03 PM PST

      [ Parent ]

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