What happens to mortgages, student loans, and credit card debt?
If the dollar completely collapses, what will happen to mortgages, student loans, and credit card debts? Will people still be required to pay the loans back?
Current Events - 8 Answers - 2009-03-13 10:14:37

Best Answer
You won't have to pay for the debt because 1. everything will be in chaos 2. There won't be anyone working to collect it, everyone will be unemployed. 3. By that time, maybe some states will declare independence.

All Answers
Answer 1
yes you debt will be sold to another bank and they will look for it
2009-03-13 10:19:56

Answer 2
No. repayment will be rescheduled.
2009-03-13 10:20:34

Answer 3
YES
2009-03-13 10:25:21

Answer 4
China, the owner of a lot of our debt, may well be coming to our shores to claim what is theirs. Hope your house is not on their list. They can't have my houseboat. It's paid for.
2009-03-13 10:25:22

Answer 5
The only people who don't have to pay off their loans, mortgages and credit cards are the ones who can actually afford to pay them off.
2009-03-13 10:28:32

Answer 6
Well how can you pay back something you can not afford mmm thats why you can defer your loans with sally mae if you can't pay broke college kid needs to pay off sally mae loans (YEAH for deferring loans) lol.
2009-03-13 11:05:43

Answer 7
You'll be paying in ameros or yuan (Chinese currency), but you WILL be paying.
2009-03-13 20:46:26

Answer 8
You won't have to pay for the debt because 1. everything will be in chaos 2. There won't be anyone working to collect it, everyone will be unemployed. 3. By that time, maybe some states will declare independence.
2009-03-14 14:12:50