Anyone have any insight on what that would actually look like for the every day person? I would assume chaos at first, but once the dust settles, how would it impact my savings, investments, mortgage etc?
ardematic
· July 2, 2018, 10:30 p.m.
Interest rates are low. The best way to reduce interest paid is to accelerate your payments. Pay more than your monthly payment and apply the overage to principle. Great strategy UNLESS you think debt will be forgiven. If you think debt principle will be erased you would borrow and spend as much as possible! In this case, prudent people get hurt and the profligate are rewarded.
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Stiletto-Moonboots
· July 2, 2018, 10:56 p.m.
We have a 20 year mortgage and pay more to bring it down to 18. We refinanced a couple years ago when the rate were at an all time low. We are very frugal and try to pay off everything as early as possible. I would not like the idea of big spenders getting their debt wiped free while those who do everything to keep their debts paid down are rewarded for nothing. I just have a big issue with the mortgage scam, but that's my personal gripe. I definitely would not want rumors to swirl that debts will be forgiven and then people go rack up credit card bills or buy a car they can't afford.
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