There's something I dont quite understand. Most of the prepper forums I read or material available (particularly from the US) suggest that one becomes debt free.
The reasons given are something like if the SHTF then they might come for your house and other goods if you have debt.
I dont quite understand this. If SHTF then the financial systems are down --- if I cant get my money then the man can't get his. Im obviusly missing something here.
its probably more to do with the interest that is charged on the debt, whilst someone is paying off that debt they are using up cash that could be spent on increasing ones preps.
post SHTF as far as I can see, debts, mortgages, rents will be "null and void" and of no consequence.
Ah I think what you MAY be missing from our colonial cousins is very often when they refer to paying of debts and bills very often they are referring to STATE TAXES , Land taxes and other civil debts similar to our Council Tax, from what I've read in books like 'Patriots' The local authorities can possibly seize your property / land if you don't pay your local taxes. So some folks try to pay these local taxes ahead of due dates and for at least the full year in advance.
Generally US / UK its prudent to clear off debts so as to prevent court orders to settle Council Taxes, Credit Card debts being passed onto Bailiffs, Sheriffs and debt collecting agencies. Americans pay off mortgages and SECURED loans as some companies are likely to take advantage of say another financial crisis to foreclose or repossess your homes / businesses as a method of refunding themselves quickly though immorally. The sub Prime scandal saw this happen as people saw their homes foreclosed on even though they had paid their mortgages for years but defaulted in the end. There are well documented cases here and abroad of people having paid 19.5 years of a 20 year mortgage then losing the property in the last few months because of loss of income and the courts award possession of the property back to the BS / Bank or Finance company.
Equally you don't want to buy yourself a brand new T6 VW Transporter, spend £20K converting it into the Ultimate BOV only to see it get repossessed just as the collapse affects you because you could not keep up your payments.
I believe both here and the UK there is great mistrust of the state , local councils and financial institutions when it comes to taxes and secured debts and even during a national crisis ALL would have no qualms about sending in the bailiffs to grab what they can. This is covered very well in the prepper book series 299 days.
Look at it like this, remember Cyprus? The banking system crashed and the accountholders were roped in to bail out the banks. Well, if an economy crashes the powers that be still have the upper hand. If the poor property owner is in debt to the Banks then his property is forfeit - there is always someone ready to scoop up a bargain. I have friends in the USA who tell me that some areas are in really desperate straits and practically half the houses in the streets are in repossession. If you don't owe money, it is more difficult for the waiting sharks to pick you off!
We also now have the added bonus of noting that the EU will happily raid an entire countries bank accounts in a one off tax raising raid to refund the burocratic machine as we saw in Cyprus and what they are threatening to do in both Greece and Portugal.
The state will always take advantage of a crisis to grab what it can, as will most big companies and institutions, remember the derision and laughter aimed at todays preppers stockpiles very quickly becomes state condemnation of selfish horders when TSHTF.
(2 November 2015, 14:07)NorthernRaider Wrote: [ -> ]remember the derision and laughter aimed at todays preppers stockpiles very quickly becomes state condemnation of selfish horders when TSHTF.
that is very true, this is why Opsec especially with regard to your/our neighbours should be observed.
there were plenty of people in WW2 all to happy to denounce those with food as hoarders to the local authorities.
My sister is in dept ,she spends money like water ,I am far to tight to spend spend spend don't have a credit card or a mortgage if I haven't got the money I don't buy it ,it's not rocket science
it makes sense to me....just imagine the end of the world as we know it didn't happen but you spent all you're spare cash on prepping....gonna feel a bit silly then!(well I would)....I'm ferociously paying down my mortgage now to get debt free asap...had I not divorced 12 years ago I'd be debt free and sitting pretty now , I have a £100 a month budget that I fail miserably to stick to but the mortgage overpayments take precedence every time
£100 budget for prepping
(2 November 2015, 16:28)Midnitemo Wrote: [ -> ]it makes sense to me....just imagine the end of the world as we know it didn't happen but you spent all you're spare cash on prepping....gonna feel a bit silly then!
not really, all my (non food) preps can be sold and the money put to good use, all my food preps can be eaten therefore saving on the shopping bill. whats the problem?
i'd rather have them and not need them than need them and not have them.
I said spend all your money on preps not some....I believe in prepping it's the right thinned is not a surefire thing in my lifetime(I'm 50) so paying of you're debts early so you can live better in later years seems a smart move to me....everything in moderation
bloody pc missing words dhould say I believe in prepping but the end is not a surefire thing in my lifetime