Student Loan Debt

[Skinski7]

Quote:I have about $35 thousand in student loan debt (if that looks like a lot,
keep in mind I'm in a Ph.D program going into my 8th year). It looks
like the dollar collapse is inevitable.

My question to the forum is, what would happen to my student loan
debt in the case of an economic collapse?

If the dollar becomes worthless, then $35 thousand of them 'aint
worth too much either. So would my debt burden become much less?
Or would they convert my old debt to some new system and ensalve
me for the rest of my life?

I'm probably going to have to take another loan in the next few weeks,
to support myself over the summer. It won't be much, maybe only a thousand
or two.

I want to use some of this new loan money to prepare for a crisis--get a gun,
emergency rations, shortwave radio, water filtration, etc.

Since the collapse seems inevitable, I could use the student loan money
to speculate in the precious metals market.

I welcome your comments and criticisms.

Get a job and earn some money and support yourself that way. I think it would be very foolish to borrow on your future to support yourself over the summer.

Debt enslaves you!

[Skinski7]

Quote:Basically, I don't owe them shit, because I know that I'm not just a name on paper. Easy (or stupid) as that sounds, trust me, the issue gets more conflgrated indeed...

...

p.s.: I'd reccomend not paying your student loans at all. I most certainly won't....

By your logic everyone is entitled to take out a loan, benefit from utilising the funds borrowed, then refuse to pay it back.

If you seriously believe that then you are a deluded freeloader.







...And no I don't support the modern debt based fiat monetary system.

[BulletproofPat]

Personally I have payed off all my loans so I have 0 debt, while it is tempting to do like my co-workers to buy a nice sportscar on loan and huge LCD tv on 12 month pay-off I have stayed off that temptation (meaning that I don't have a car or tv at all:(but that's ok for now).
So if hyperinflation happens and people who lived their life on debt can just pay it off with a days salary that would SUCK for me :biggrin:
But if banks call in their loans or turn up the interest so everyone has to sell their houses for a small price then I feel sorry for those people but atleast I would have a relief that working so hard to get from debt was worth it :huh:

I have some money saved now so I've been thinking of investing gold but I can't because I'm moving between (furnished) apartments so often (and as I said I don't have a car) so transporting gold with me sounds risky and hard.
So my plan is that I hope one day I will inheret my fathers summer house (a simple house in the woods) and then I'll buy a safe and hide it there and secretly save gold there (because if I own that and have no debt then there's no risk the goverment or banks take the whole house), but 2 problems:
1) The economy might collapse long before my plan (I live in UK and Sweden).
2) If it turns out this conspiracy was right and the economy goes to hell and I'm so happy to have done all this hard work to save gold there is a risk the goverment does like US gov once did (like 50 years ago?) when they passed a law that everyone has to sell their gold to the goverment for X price or face a terrible sentence, so in that scenario they might be able to track the goldshops receits to see that I have bought gold.

What do you guys think?

[Skinski7]

BulletproofPat...

Congratulations on avoiding further debt and also on paying back what you owe, you must feel a lot less burdened as you get to keep what you earn (except what the state will forcefully take).

Personally I think owning some small denominational gold or silver coins is a good insurance hedge against economic uncertainty. This being so don't put all your eggs in the one basket. There is something that will be worth more than precious metals in a time of crisis and that is useful good with which to barter.

Think about disasters like the Tsunami of late 2004 or Hurricane Katrina. When people are in a desperate situation things like toilet paper, soap, rice, tampons, toothbrushes, toothpaste and many other items people take for granted everyday will be in demand. An uncomfortable and hungry person will not see the shine of a gold coin compared to that of a hot bowl of rice or a warm bath. Just check this perspective against recent historical events.

[BulletproofPat]

Quote:Congratulations on avoiding further debt and also on paying back what you owe, you must feel a lot less burdened as you get to keep what you earn (except what the state will forcefully take).

Thank you , Skinski:)
I guess I just take it mostly for granted;)

Quote:Personally I think owning some small denominational gold or silver coins is a good insurance hedge against economic uncertainty. This being so don't put all your eggs in the one basket. There is something that will be worth more than precious metals in a time of crisis and that is useful good with which to barter.

Think about disasters like the Tsunami of late 2004 or Hurricane Katrina. When people are in a desperate situation things like toilet paper, soap, rice, tampons, toothbrushes, toothpaste and many other items people take for granted everyday will be in demand. An uncomfortable and hungry person will not see the shine of a gold coin compared to that of a hot bowl of rice or a warm bath. Just check this perspective against recent historical events.

Yes you have a good point,
and this is where I'm weak because I rely on going to the store atleast once a week so if for example there would be a sudden gas crisis so they can't deliever food to the store I would be f**ked because I've heard they only store food for about 3 days and I have very little stored in my apartment which again comes to the reason that I live in a small rented apartment with no car (last time I moved apartment I just took a cab 3 times back and forth) so I can't really stock up 3 years of grocerices.
But later in life (im only 20 now) I hope I will live in a owned house (preferibly a bit far from the city) then I would definitely make a food cellar full of long-life food (not just for crisis because you need food anyway even if it's just that you're too lazy to go to the store some day:P),
the really scary question is just if there is a "later in life":confused:
I don't want to spend my life worrying about some doomsday or anything but to be realistic I really don't see my lifestandard being like this for the rest of my life because of how the worlds population gets poorer every year and if that means most of the world goes even close to depression my proffession is f**ked and then my deep specialized knowledge in the unreal3 engine is probably the most worthless skill there is :biggrin:

oh and btw I'm not going to stack up on tampons;)

[thoughtfist]

Quote:By your logic everyone is entitled to take out a loan, benefit from utilising the funds borrowed, then refuse to pay it back.

If you seriously believe that then you are a deluded freeloader.




...And no I don't support the modern debt based fiat monetary system.

Well my friend, the logic does indeed work out in favour of the possibility that people can work the system as freeloaders, but I don't see that as the best alternative choice to participating in 'the system.' I, on the other hand, much to the same measure as the fellow who started this thread, got into 'the system' without previous knowledge of how it worked....Once i came upon my own understanding of how it works, the system owns me no more...

By the way, if you don't support the debt based fiat monetary system, I wonder if you use their money...Do you perhaps work a job, or pay their taxes, or live in what is so-called a 'country?' I would imagine that you do, but hey, I dont know everything...

[BulletproofPat]

thoughtfist: I don't see your logic either, you can't just not pay back a loan

[symbolicsorcery]

Wow, I'm surprised to see that the first thread I started here has received so many good replies.

Now, I have every intention of paying back my loans. I am mostly trying to get a feel from the people
who know more about the economic situation as to how easy/hard it will be to pay them back.

I still find it difficult to see how banks could get everyone who has a debt to immediately pay it back
or start selling everything they own or how they could have enough people to enforce the forclosure
of millions of homes, cars, boats, big screen TVs, etc. The only way this could happen is if they took
all the people who owed them money and actually employed them as reposessors. I think that in the
face of a serious collapse, there would not be enough functionality left in the current system for the actual physical confiscation of goods that the banks supposedly own. After all, how many people would finally realize that no matter how many digits your bank account balance has, you cannot eat money?

Would people, in particular reposessors, begin to see that this system of having the banks own everything
is a con game, and that they are working for criminals? I think it would be crazy for a while, but then people
would realize that money is just a hallucination. It's funny to me to hear people speak of the horrors of a cashless society, everything paid for by the swipe of a card. The system we're currently in, whereby specially printed paper is viewed as having value but is not directly backed by anything of physical value, is already horrifying enough.