It seems like a new banking system backed by something tangible again like how it was in the 1800's and prior would be a good move but would those of us in debt still be in debt to the banks? If not, how would our debts magically be absolved?
Example, say you owe money on your car and you have a ton of outstanding debt to a bank or credit lender. How exactly does implementing a new system of banking nullify this? Can't the bank still say "Since the USD is defunct, now you owe us the "New US Treasury Certificate" equivalent of that amount"?
I just can't quite put 2 and 2 together how the new currency would be debt free without older debts being absolved first.
This is what I would like to know. Do I bother paying more than the bare minimum on my paper debt? I got $18,000 in Student loan debt. Do I pay more and try to clear it asap or do I just pay the minimum and keep stacking silver?
Always work towards your financial freedom. You’ll be a stronger person. There is no guarantee of how things will go down.
Depends on the interest rate I would think.
Yeah - I won't ever try to pay my house off early. My interest rate is 2.25%. I won't move either - the current 30 yr fixed housing loans are right at 7%, supposedly down 2 points in a week (that is suspicious...). My mortgage would be over $700 more a month with that change in interest rates. Paying off loans and credit cards is a much better deal for lucky people like me that bought under Trump.
If you, like me, believe that precious metals like silver will massively increase in value during the collapse, then the answer seems simple.
Make the necessary minimum payments towards the debt, trim your expenses as much as possible, and direct every possible penny towards silver while it's almost free.
When the demand for silver shoots to the moon, sell just enough silver to retire the student loan debt.
When the monetary system collapses into rubble, and PMs explode in value, it could be easy work to retire your debt for 'pennies on the dollar' and become debt free.
I say pay the bare minimum and stack with your extra and wait to see how things play out unless you have the cash to pay off your house or car. Student loans I wouldn’t worry about paying off early