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Discussion Starter · #1 ·
I'm looking for some thoughts and advise on a matter that I am really struggling with.

Debt.

I know that many survivalists/preppers say that you should be debt free, at least in the high interest area, and I agree with that. I mean who wants to through away a ton of money on interest and what not. Me and my wife racked up some debt in our younger, not as wise years and are working on paying it off. As of right now with our jobs, we get by ok and don’t have a lot of extra money. My wife will hopefully be starting a new job soon, just got RN degree, and we will have more money to work with.
My question is, should I start paying this down very aggressively and keep my prep money where it is at, which is approx $20 a week? Or should I pay a bit more than the minimum and start aggressively prepping? Or go somewhere in the middle? Any thoughts?

My preps are nowhere near what I would like them to be and I am becoming more and more worried that something is going to happen soon. My thoughts are that if something does happen such as a collapse or something, I'm sure that the credit card companies won't be around to try and collect debt so my aggressive payment on my cards would have went to nothing. At the same time I don’t want to be in debt forever and I understand that most people are where they would like to be in the prep area and people can get carried away with just prepping.

Sorry if it sounds like I'm rambling incoherently.
 

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Cat Person
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About the only good thing that the collapse of the dollar and the resultant will do for me is that it will be easy to pay off my car loan cheaply, since it's fixed rate and based on a dollar value that clearly no longer exists.

This is a microcosm of WHY governments heavily in debt encourage inflation... The US is in so much debt that it can never be paid back. Unless they devalue the dollar to the extent that the value of the debt is ALSO devalued.

Which ruins everyone who has dollar based assets...
 

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I'm looking for some thoughts and advise on a matter that I am really struggling with.

Debt.

I know that many survivalists/preppers say that you should be debt free, at least in the high interest area, and I agree with that. I mean who wants to through away a ton of money on interest and what not. Me and my wife racked up some debt in our younger, not as wise years and are working on paying it off. As of right now with our jobs, we get by ok and don’t have a lot of extra money. My wife will hopefully be starting a new job soon, just got RN degree, and we will have more money to work with.
My question is, should I start paying this down very aggressively and keep my prep money where it is at, which is approx $20 a week? Or should I pay a bit more than the minimum and start aggressively prepping? Or go somewhere in the middle? Any thoughts?

My preps are nowhere near what I would like them to be and I am becoming more and more worried that something is going to happen soon. My thoughts are that if something does happen such as a collapse or something, I'm sure that the credit card companies won't be around to try and collect debt so my aggressive payment on my cards would have went to nothing. At the same time I don’t want to be in debt forever and I understand that most people are where they would like to be in the prep area and people can get carried away with just prepping.

Sorry if it sounds like I'm rambling incoherently.
May just be too late.
 

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I'm looking for some thoughts and advise on a matter that I am really struggling with.

Debt.

I know that many survivalists/preppers say that you should be debt free, at least in the high interest area, and I agree with that. I mean who wants to through away a ton of money on interest and what not. Me and my wife racked up some debt in our younger, not as wise years and are working on paying it off. As of right now with our jobs, we get by ok and don’t have a lot of extra money. My wife will hopefully be starting a new job soon, just got RN degree, and we will have more money to work with.
My question is, should I start paying this down very aggressively and keep my prep money where it is at, which is approx $20 a week? Or should I pay a bit more than the minimum and start aggressively prepping? Or go somewhere in the middle? Any thoughts?

My preps are nowhere near what I would like them to be and I am becoming more and more worried that something is going to happen soon. My thoughts are that if something does happen such as a collapse or something, I'm sure that the credit card companies won't be around to try and collect debt so my aggressive payment on my cards would have went to nothing. At the same time I don’t want to be in debt forever and I understand that most people are where they would like to be in the prep area and people can get carried away with just prepping.

Sorry if it sounds like I'm rambling incoherently.
I would split down the middle or slightly favor debt payment. I think in a total SHTF they may still come after you and you could have your own SHTF if you lose your job. Prepping is an insurance policy just in case something happens, your debt is a current problem.
 

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Cat Person
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I agree. NEVER default on debt if you have the means to pay it. Debts are owed and should be paid, by people of honor. You agreed to pay X for getting Y. If you don't, you are violating your word. Word is honor.

That said, if SHTF happens, the system that the debt exists in may, itself, cease to exist.
 

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Pay off your debts and the Lord will provide.
That is seriously the best advice you can provide? Sad.

Chad87, if you didn't buy stuff to prep, could you pay off your debt soon? I decided to pay off stuff like credit cards and cars and manage the mortgage and student loans. I couldn't work out a plan where I can pay off my house soon enough to make me feel comfortable with not having supplies. Manage your debt as reasonably as you can while having some food put back.
 

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yea im going to have all my debt paid off in the next few months, it wasnt a whole lot but it will be great to get rid of it and have more money to spend on other things. My vote would be to pay more than the minimum and try and get that paid off and also still get some stuff for prepping if u have the extra
 

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Why not have as much physical assets as possible so that at any one point you will be able to pay for what you need. Even cash is better than computer money. I tell people this all the time, if you knew that a year from now the house of cards would fall or at least had a good idea, wouldn't you want to put the majority of your money into preps. If in good times I say debt, now? you make the decision.
 

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Pay OFF secured debt first. They will come and take your home away long before TEOTWAWKI comes around. Then pay down unsecured debt. Use your now EXCELLENT credit as a cash management tool, not a way to exchange debt for preps.

After the bills have been paid, think about how much you can afford to spend on material preps. Make the best of what you've got before getting any more. Next year you'll be a lot happier for it.
 

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Cat Person
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Problem is that we CANNOT know that a year from now the house of cards will fall. Or 6 months or ten years. Should you run up your debt now and the SHTF event turns out to be another Great Depression (or if it doesn't happen any time soon), you just shafted yourself.
Actually, what is to come is very predictable.

The next year and 1/3rd will decide if we remain a Constitutional Republic, or become yet another failed state, albeit the biggest one in history.

If the parasite class succeeds in re-electing The Regime, or just as bad, installs a RINO republican, it's failed state time. SHTF.

If the producer class succeeds in replacing The Regime with people who with the guts to say, "NO" to the parasite class, cut REAL spending, balance the budget, reduce the size and scope of government, and start paying back the debt, we may experience prosperity like we've never known.

The odds are... 50/50. We've never been so precariously balanced on the point of a knife than we are today.
 

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Discussion Starter · #16 ·
Thanks to everyone who gave some input. I definitely am not trying to get out of the debt i owe, i used credit cards foolishly in the past and now i have to pay for my mistakes and I'm ok with that. I was just wondering what should be higher priority.

I think i am going to pay down my debt semi-aggressive. That way i can put a bit more to preps, not just for economy woes but even for job loss.

Here's another question regarding savings. I want to work on a nice stash in case anything happens whether it be global SHTF or my own personal SHTF. I was thinking instead of all cash do a mix of cash and silver. Any thoughts?
 

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My question is, should I start paying this down very aggressively and keep my prep money where it is at, which is approx $20 a week? Or should I pay a bit more than the minimum and start aggressively prepping? Or go somewhere in the middle? Any thoughts?
My advice is simple: cut your expenses and pay off your debt (and never look back). Run down to the library and read a book written by Dave Ramsey entitled, "The Total Money Makeover." Do it, and don't look back.

Stop using any credit cards.

Save up a $1,000 emergency fund and then pay the minimums on all of your debts and put every extra penny you can squeeze out of your budget on the smallest debt, pay it off, then move to the next one on the list. Once you pay off your debt, you will be amazed at the amount of money you suddenly have.

Before, I would charge frivolous things on my credit cards and wonder what happened to all our money. Now that I'm paying with cash, I tend to comparison shop for just about everything.

My wife and I don't argue about money. My wife now remarks on how we never argue like her friends who regularly argue with their husbands.

Also, a funny thing happened when we were doing this -- I stopped eating out and started cooking, primarily so I'd have leftovers to take to the office. This weekend I've cooked a big pot of 15 bean soup (from dry beans) and tonight made fresh french bread loaves for sandwiches. I've also made strawberry jam, mayonnaise, ice cream, and mustard from scratch. I just started getting into canning (so I can make and store our own soup instead of buying $2 cans of soup at the grocery store).

To say my wife is thrilled would be an understatement.
 

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Discussion Starter · #18 ·
The feeling me and my wife got when we paid a card off was.....hard to explain. It was awesome to say the least.

We have pretty much cut back all the stuff, eating out, cable, super fast internet, latest fashions or gadgets. And that has defiantly helped. I would have never believed that we threw that much money away to that stuff until we stopped.
 

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Here's another question regarding savings. I want to work on a nice stash in case anything happens whether it be global SHTF or my own personal SHTF. I was thinking instead of all cash do a mix of cash and silver. Any thoughts?
I may be at odds with the conventional wisdom here, but cash is king. Gold and silver won't do you much good during a SHTF. Let me put it to you this way:

A retired police officer was talking about storing/protecting weapons at a concealed carry class I took. He had a dramatic example. He said he had an argument with another guy about gold coins. So he challenged the guy to try to cash it in a hurry as an experiment.

The guy took the gold eagle coin and tried to buy a hamburger at a fast food restaurant. The clerk didn't believe it was real and wouldn't take it for any amount of money. They went into a bar and tried to auction it off. No takers. Everyone thought they were about to get scammed.

But, he said, try the same thing with a 9mm pistol. Criminals will line up to buy it. He said they sent attractive female police officers into bars with the narrative that her husband was worthless and she had to pay rent or they'd get kicked out.

Quite often she would find someone willing to purchase the gun, they'd go to the parking lot and the cops would pounce. If the purchaser was a felon, he would be given a choice, go to jail or become an informant. Since they documented him trying to purchase an illegal firearm, they could send him to jail at anytime in the future. Not surprisingly, he said they recruited a lot of informants that way.

He was trying to say that thieves see firearms as more valuable and easier to fence than gold, but I think you get the idea.
 

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First prep; it won't do you any good to be debt-free if you're also water-free, food-free, defense-free, and everything-else-free.

Then work on the debt.

You can also, in the meantime, work to pay off your highest-interest debt first.


I just yesterday began a refinance of my home, and a couple of rental properties I own. I'm rolling them all under the home mortgage, on a 15-year loan at 3.5 percent.

I'll save about $300/mo in interest costs, and that savings will go to pay down principal.

It seems to me that in many SHTF scenarios, including economic collapse, dollar collapse, hyperinflation, having debt won't be a bad thing. Either it can be paid off in inflated dollars, or if the system collapses, I don't think anyone will be coming to collect.
 
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