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2 November 2015, 14:02
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.
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.