What would happen if EVERY person in the country stopped paying their debt all at once?

Answers:2   |   LastUpdateAt:2012-11-05 12:48:05  

Question
grouse
Asked at 2012-09-02 02:50:03
It seems that the debt is the American way of life today, and it seems to be getting better in the future unless drastic changes are made in our country . If the figure averaged over all U.S. households , the amount that comes to over $ 120,000 of debt per household . When 1 in 3 Americans have no savings , how do you think that many will be able to pay off your debt ? MedlinePlus MedlinePlus Many people will be in debt until you die , if you just make the minimum payments . But what would happen if everyone , all at once , stopped paying her credit card, mortgage , auto , and student loan payments ? Forever? What could I do to banks ? Can they really make their homes all at once? And have 60 million families homeless? There are not enough police to enforce that. Do repo men towing millions and millions of cars away at once? Not enough repo guys do that . The big banks really could not do anything if the entire population rebelled and stopped making payments on the debt for good, the banks would collapse because they make huge profits on interest and late fees . It may not erase the record of debt , but it would be impossible for banks to enforce anything if everyone rebelled at once. MedlinePlus MedlinePlus This idea would only work if literally everybody did. It would not work if only a few families did. It's time to stop being a slave to the big banks. It's time to stop being afraid .
Answer1ubaidullahAnswered at 2012-09-20 08:08:02
If there is no civil war , banks would stop working , the economy would contract . MedlinePlus MedlinePlus In Sweden and Denmark and there are banks that do not demand interest ( JAK ) MedlinePlus In other countries, credit unions and alternative currencies MedlinePlus MedlinePlus MedlinePlus What many people do not understand is that , by providing credit , banks create money out of nothing .
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