[Roccland]

$this->bbcode_second_pass_quote('MattSavinar', '')$this->bbcode_second_pass_quote('Roccland', '
')
Having said that - TPTB will not have the man-power to roll out martial law.

[Roccland]

$this->bbcode_second_pass_quote('Hawkcreek', '')$this->bbcode_second_pass_quote('', 'I') still think it's unwise to go into debt.

[Hawkcreek]

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[MattSavinar]

$this->bbcode_second_pass_quote('Roccland', '
')
A moral standpoint??

Ask yourself that when you are carving up asscheek to feed your family...if you make it that far.

[Roccland]

$this->bbcode_second_pass_quote('Hawkcreek', '')$this->bbcode_second_pass_quote('', 'A')sk yourself that when you are carving up asscheek to feed your family...if you make it that far.

[Hawkcreek]

--

[Hawkcreek]

--

[MattSavinar]

$this->bbcode_second_pass_quote('Roccland', '')$this->bbcode_second_pass_quote('Hawkcreek', '')$this->bbcode_second_pass_quote('', 'A')sk yourself that when you are carving up asscheek to feed your family...if you make it that far.

[kublikhan]

I have read several articles that say it is a good idea to be debt free in order to prepare for peak oil. Often those same sources will say we will have rampant inflation, or even hyperinflation. Under hyperinflation, debts will quickly become easy to pay off. So why would I want to pay off all of my debts now? Would it not be better to have many tangible assets under such a crisis, along with a debt load that will be inflated away very quickly? Rather than few assets and no debt load?

Also, if an economic collapse is coming, and I prepare for it by paying down my debts and living miserly now, am I not depriving myself of the last few years of prosperity that is possible by cheap oil? Would it not be better to enjoy this prosperity while it lasts?

[BleakToil]

It's quickly looking like "years" may be optimistic. So get that car, trip, mortgage or whatever it is that you want. Rack up some big debts but make sure you make them count - get a new tool set or how-to library instead of a plasma TV.

[Revi]

I think you should use the next few years to get ready for peak oil. Yes, you could put your money into things that will go up and pay your debt off in that. The value of the dollar is sure to keep going down for a while. I wouldn't borrow money for anything but land or an education. Everything else either pay cash or do without it.

Just my opinion.

[Micki]

It is about managing risks.

-Can you handle increase in interest rates or are your assumption purely based on scenario of dropping rates?
- Can you handle other costs going up ?
- What if you loose your current source of income?
- Are you confident you can manage any investments you have?

Paying off debt also lowers your monthly living cost, so that you can put aside more money for investements (Read Silver, Gold and select energy stocks)

[IslandCrow]

$this->bbcode_second_pass_quote('Micki', 'I')t is about managing risks.

- What if you loose your current source of income?

Paying off debt also lowers your monthly living cost,

[kokoda]

The great thing about Peak Oil is that all debt will be forgiven.

If you buy a car and can't keep up the repayments ... what are they going to do about it? Cars aren't much good if nobody can afford to put fuel in them. They may as well just let you keep it. Even if it is prepossessed just go to the repo auction and buy it back. It will be selling for a song.

Lose your house? Not a problem ... go squat in a McMansion. There will be plenty of empty real estate in the suburbs. Electrical goods need electricity ... otherwise they are just paper weights.

Debt will be the least of your worries when it all hits the fan.

[EnergyUnlimited]

What if you dont get that hyperinflation, what you are hoping for, but just off the mill sizable inflation in range of 40 - 60% per year and banks will have enough time to react on that.
What if those who are unable to pay their debt are deemed by your new brave government to be unpatriotic bastards and dealt with accordingly.
You might end up pretty miserable under that scenario.

[kublikhan]

$this->bbcode_second_pass_quote('Micki', 'I')t is about managing risks.

-Can you handle increase in interest rates or are your assumption purely based on scenario of dropping rates?
- Can you handle other costs going up ?
- What if you loose your current source of income?
- Are you confident you can manage any investments you have?

Paying off debt also lowers your monthly living cost, so that you can put aside more money for investements (Read Silver, Gold and select energy stocks)

[SpringCreekFarm]

I think the best position to be in is to be debt free no matter what the future holds. I worked really hard to get that way and now that I don't have any loan or mortgage payments, I put the amount of my payments away as savings.

[kublikhan]

$this->bbcode_second_pass_quote('SpringCreekFarm', 'I') think the best position to be in is to be debt free no matter what the future holds. I worked really hard to get that way and now that I don't have any loan or mortgage payments, I put the amount of my payments away as savings.

[FoolYap]

$this->bbcode_second_pass_quote('kokoda', 'T')he great thing about Peak Oil is that all debt will be forgiven.

If you buy a car and can't keep up the repayments ... what are they going to do about it? Cars aren't much good if nobody can afford to put fuel in them.

[SpringCreekFarm]

$this->bbcode_second_pass_quote('kublikhan', '')$this->bbcode_second_pass_quote('SpringCreekFarm', 'I') think the best position to be in is to be debt free no matter what the future holds. I worked really hard to get that way and now that I don't have any loan or mortgage payments, I put the amount of my payments away as savings.