[armedpilgrim]

With our "global economic crisis" (i.e.- recession/depression--depending on who you talk to) I was just curious how my fellow preppers are handling their debt vs. the non-prepping population.

As a survivalist, I have an aversion to debt--(a scary thought I've had is, I don't want to ever face a SHTF scenario like a financial meltdown, lose my job &/or have my currency implode and suddenly find out that all bankruptcy laws get nullified and they institute a debtors prison or something).

How about you?

 

[River Rafter]

Zero debt. :thumb:
Unless you count utilities, property taxes, insurance, food, etc.

 

[Rascals]

I have none other then what my country keeps piling upon my heavy workload. If I could just make money as fast as they could spend it for me I would be feeling better.

 

[Beamish]

All I owe is a loan to myself in my 401K. The credit cards have no balances and get paid off every month.

 

[Silver Survivor]

I got hammered over the winter with unexpected bills for furnace repair, hot water tank, medical bills, but I've managed to keep up with it all pretty good. I'm on track to have my house mortgage and credit card bills paid off around December 16th of this year and my truck still has 25 more payments left out of 60. So I'm doing pretty good.

Hopefully I won't get hit up for any more unexpected expenses. I'll feel better once the house is paid off.

Overall though, I've come a long way over the last few years and am much better off than where I was.

 

[PastTense]

So almost no one here has a mortgage on a house? That is a huge debt for a lot of people.

 

[The Heretic]

No debt.

No mortgage - I rent.

Two years of living expenses in the bank.

Some minor assets that could be sold to extend that time if needed.

Three to five years of living expenses in a 401K as a last resort.

I also have about 1.5 years worth of living expenses owed to me, but I will not call on payment of that debt until I exhaust my other resources.

I am unemployed, but I have a couple months of UI benes coming before maybe going on extended benes (if there are any), then I must start living on my savings.

I am hoping that I will get a job before the UI benes expire.

 

[armedpilgrim]

I have no debt, but I may owe taxes this year, and things are tight. I also rent, not so much by choice, but because cost of housing is absolutely stupid these days.

I also have no credit cards or lines of credit, etc. I am much happier as a "cash on the barrel" kind of guy, though I only feel that way because I learned the hard way how credit card/lines of credit debt can=slavery to the big banks.

After many, many hard years of trying to build a family business, and using "leverage" (debt), I finally realized the truth to the scripture, "The borrower is slave to the lender."

Thanks to all for posting, I was just curious how other survivalists live these days in a world built on credit and "buy it now and don't pay for XX days!".

 

[kehoffmann1]

I own my home, Truck is paid off, Mini Van is paid off. I do have credit Card debt that I am struggling to get paid off. It will happen thought as that is my only debt.

 

[Beatupoldcop]

Debt is a TOOL

Right now, I have about $1560 smacks on my credit card ..... 95% of it for tools I will use to make a living - some of which will be applicable in a PAW.

But, unless I see a great deal on a gun(s), I will pay it all off in two months. :thumb:

 

[The Heretic]

Right now, I have about $1560 smacks on my credit card ..... 95% of it for tools I will use to make a living - some of which will be applicable in a PAW.

But, unless I see a great deal on a gun(s), I will pay it all off in two months. :thumb:

Debt can be a tool if used wisely. Most individual debt is either consumer items (TV, etc.) or a car or a mortgage.

Borrowing money to make a living is better than what 99% of people use debt for. I borrowed a lot of money to get an education and it has paid off handsomely.

 

[methemom]

small mortgage bill, less than 1/3 of what we would pay in rent for the same place- could pay it off by cashing in long term laid by assets but why? (we refinanced when it was cheeeeeep) Credit card gets used a bit off and on for stuff we need like car repairs, etc, but always paid off at the end of the month. Thank God no debt we haven't been able to handle...

 

[SgtBooker44]

Only a house payment

 

[armedpilgrim]

To the person who voted they are "toast" in the poll, I'm sorry to hear that, but I just want to encourage you, even Hershey went completely bankrupt three times before making it big in the chocolate industry. Don't lose heart! It may end up being one of the best things that's happened to you in the end, though right now it might seem like quite a dark wilderness you're walking through.

 

[bikerdruid]

i have no debt, we own our farm outright, and i live with a very generous pension.
i'm very fortunate.

 

[DBR]

There was no category for my Wife and I. We have just above or just below $1,000.00 debt and it's not in credit cards, nor do we have any credit cards, nor will we ever have credit cards again. That's for wealthy people and people far too optimistic for me. One mistake, one casual error, one minor tragedy and you are screwed forever now. No, not for the common man any longer. They can take those nifty little pieces of plastic and cut them until they resemble a throwing star and stick it in a most unpleasant place as far as I'm concerned.

 

[armedpilgrim]

There was no category for my Wife and I. We have just above or just below $1,000.00 debt and it's not in credit cards, nor do we have any credit cards, nor will we ever have credit cards again. That's for wealthy people and people far too optimistic for me. One mistake, one casual error, one minor tragedy and you are screwed forever now. No, not for the common man any longer. They can take those nifty little pieces of plastic and cut them until they resemble a throwing star and stick it in a most unpleasant place as far as I'm concerned.

Couldn't agree with you more, and couldn't have said it better myself, DBR. Thanks for posting.

 

[scienceteacher]

19,000 left on a 240,000 mortgage. I'm seriously considering cashing in the 401 k before the stock market tanks and paying that off. What do you people think? If I leave the 401 ksit for 20 years will there be anything there or should I pay off the mortgage , buy gold and silver with the rest and start investing in real property only (land ,gold, silver, food etc)

 

[DBR]

What constantly amazes me are the number of my fellow American Citizens who will scream, "Caveat emptor! Caveat emptor!" and plead until you think they actually work for one of these looter corporations that what they do is totally legitimate. Just like with all of the ARMs, etc. I think a lot of these people want the "Sucker Society" where they can fleece people through the people's mistakes, momentary lapses in judgment and outright deceit.

It's disgusting, what we have become, on both the left and the right.

 

[Steve_NH]

No debt - paying interest is foolish

No mortgage - own and paid cash

No car payment

I use credit cards a lot but ALWAYS pay them in full before the bill comes in.

It's easy to pay for things with cash when you don't have a bunch of bills due each month with the majority of the money covering interest.

If I can't pay for it in full, I don't need it.