PeakOil is You
Are you seriously considering defaulting on your debts...
Re: Are you seriously considering defaulting on your debts..
by Ferretlover » Fri 26 Sep 2008, 13:37:31
Shaking hands or signing papers, IMHO, it is all the same. Personal honor still means something. Giving your "word" has always meant something throughout history, and I see no reason why it should change now.
"Open the gates of hell!" ~Morgan Freeman's character in the movie, Olympus Has Fallen.
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Re: Are you seriously considering defaulting on your debts..
by AgentR » Fri 26 Sep 2008, 13:49:16
Nope.
What would be the advantage of defaulting? As long as this merry-go-round is running, I think I'll keep my A/C and lights, internets and HBO movies, and regular helpings of BBQ, fried chicken, and other good stuff.
I do have misgivings about the transition period where hyperinflation is obviously underway, but has not yet completely overrun debts people may have; trick is to stay on the 'performing' side of the ledger, and off of the 'in default' side. I think I'm prepared, but you never know till it becomes real instead of scenario.
What would be the advantage of defaulting? As long as this merry-go-round is running, I think I'll keep my A/C and lights, internets and HBO movies, and regular helpings of BBQ, fried chicken, and other good stuff.
I do have misgivings about the transition period where hyperinflation is obviously underway, but has not yet completely overrun debts people may have; trick is to stay on the 'performing' side of the ledger, and off of the 'in default' side. I think I'm prepared, but you never know till it becomes real instead of scenario.
Yes, we are. As we are.
And so shall we remain; Until the end.
And so shall we remain; Until the end.
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Re: Are you seriously considering defaulting on your debts..
by Cashmere » Fri 26 Sep 2008, 13:53:43
$this->bbcode_second_pass_quote('Ferretlover', 'S')haking hands or signing papers, IMHO, it is all the same. Personal honor still means something. Giving your "word" has always meant something throughout history, and I see no reason why it should change now.
Agreed completely.
By the way Roc, you say you "make over 6 figures."
Dude, you're not supposed to include the two digits after the period.
Massive Human Dieoff <b>must</b> occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where <b>you</b> live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
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Re: Are you seriously considering defaulting on your debts..
by Lumpy » Fri 26 Sep 2008, 15:54:08
$this->bbcode_second_pass_quote('Ludi', 'B')ut you haven't defaulted on those debts, have you, Lumpy?
No, Ludi - haven't defaulted. And in fact, haven't run up all the credit lines like I talk about doing in my most freaked-out, doomerish moments.
If we DO end up maxing out all credit lines, I would plan that we would do so all at once, and very intentionally. We would have a list of EVERYTHING we were going to buy. We would have EVERY credit card with us. We would do it ALL in one fell swoop - one very long day (if possible), otherwise over a two day period.
The reasoning being, of course, that the computers that run the credit card stuff start talking to each other, and when they see too much debt running up here and there, the ones that haven't been hit yet start backing off on your credit line available -- sometimes even closing your accounts.
So this would be a major, intentional life move - if we did it.
And the intention would be to buy things that we would actually need for the future -- extra pairs of boots, lots of seed, winter coats, work overalls, tons of canning supplies, prepay for a supply of hay (several thousand $$ worth, perhaps) -- stuff like that.
We are not talking plasma TVs -- although we probably would spend several hundred $$ in DVDs to add to our collection (since we don't "do" TV), and maybe a replacement for our DVD player which is bound to croak one day. Oh yeah, tons more books (we are addicted) -- some for education, some for pleasure. (More classics, probably.) Otherwise, nothing for entertainment/luxury.
More medical supplies, too. You get the idea.
Anyway, yeah, the plan would be to pay back the debt. But if the bottom really DOES fall out, we would have what we needed to survive in the much longer run. Our only secured debt would be our mortgage -- on which we would reaffirm if we were forced to file bankruptcy.
Seems like a realistic -- if somewhat "out there to the extreme" plan.
Lumpy
"A government big enough to give you everything you want, is strong enough to take everything you have." Thomas Jefferson
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Re: Are you seriously considering defaulting on your debts..
by jbrovont » Fri 26 Sep 2008, 16:15:57
Interesting. How many times over is it "fair" to ask someone to repay a debt? 3? That's pretty standard for mortgages. Credit cards - 5 times over? How many billions of dollars of BS fees are they going to tack onto those accounts before they hand them over to the taxpayer?
On the other hand, the taxpayer is being asked to pay the whole thing up front. Then, whoever wants to live in that property, will have to pay for it again.
How many times? I'm not advocating walking away from your debts. Rather, consider the nature of this sham first.
On the other hand, the taxpayer is being asked to pay the whole thing up front. Then, whoever wants to live in that property, will have to pay for it again.
How many times? I'm not advocating walking away from your debts. Rather, consider the nature of this sham first.
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Re: Are you seriously considering defaulting on your debts..
by Roccland » Sun 28 Sep 2008, 10:12:30
The majority think walking away is a great idea.
After today - I expect many more people to feel this way.
Non violent revolution...
I think that is a great idea also.
After today - I expect many more people to feel this way.
Non violent revolution...
I think that is a great idea also.
500 MPH into a brick wall - me
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Re: Are you seriously considering defaulting on your debts..
by Ferretlover » Sun 28 Sep 2008, 10:42:42
$this->bbcode_second_pass_quote('Roccland', 'T')he majority think walking away is a great idea. After today - I expect many more people to feel this way..
IMO, after today, (yet again) it will not matter what the people think, say or feel.
The definition of democracy was changed long ago. The people were not informed of the new definition. Some may walk away; most will just get on the bus and go where they are told.
"Open the gates of hell!" ~Morgan Freeman's character in the movie, Olympus Has Fallen.
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