Preachers on TV have been telling people to get out of debt for a least two years now.
I recall stories my momma has told me about the Great Depression.
Most deposits are actually NOT in the banks here in the U. S. Only about 4% of total deposits are here. Most are out in foreign loans; investments.
Should we have an economic crises, foreign banks will default. In order to generate cash here, the banks will call ALL NOTES DUE, as they did during the Great Depression.
That means your home mortgage; your car(s), and so forth.
We don't have debtors' prisons now, but the day may come....
...Should we have an economic crises, foreign banks will default. In order to generate cash here, the banks will call ALL NOTES DUE, as they did during the Great Depression.
That means your home mortgage; your car(s), and so forth. We don't have debtors' prisons now, but the day may come....
Um, I was telling some friends of mine something very similar to this, just recently. We really must ensure that we're out of debt or on a plan to get there (soon), and not to get into any plans right now to acquire debt (i.e., mortgages, etc.). Unfortunately, I will be, in the form of college student loans, but that's it, and I really have no choice over that. Other than those, I'm in the clear and plan to stay that way.