What would happen if everyone in Debt stopped paying

kickingkay

ok where do i sign:T

In_Search_Of_Me

he he!! I wish...not sure its worth the rish though eh peeps!

surfcat

I hope this thread is a joke. I mean, you don't really want people on mass to be welching on their agreements do you?

Kevicho

bonnie wrote:

the price of goods would go up, because if people are saving for them they wouldnt sell so many.
How many could afford to shell out for example for a n xbox at £380 more than a weeks income.

I think people would finally realise the value of money then

Broken_hearted

Lots of people would lose their jobs companies would go under, homes would be reposesed and the banks would still be rich.

Hereward

rchddap1 wrote:

So instead of buying those items now they'd be forced to save up. Not only would this take out the 'loaned' money from the economy, but it would also lose the amount that people are forced to start to save for those wanted items.

Savings would not exist as their would be no interest paing accounts left (how are banks supposed to pay interest on savings if no-one is borrowing money?).

bonnie wrote:

the price of goods would go up, because if people are saving for them they wouldnt sell so many.

The price of goods would fall as shops would be desperate to get rid of the stock they've got rather than having to pay for expensive storeage.

System

Fun idea, but remember our responsibility to pay our debt! I'm more concerned about the global warming - the debt may become a secondary issue!

amosworks

I'd be careful y'all before you start suggesting not paying back your debt or the moral-high-horse-brigade will be hot on your trails telling you that you're a sinner and are going straight to hell and do not collect £200 etc. etc. etc. yawn.

Gordon Brown decided that "developing countries" will have their national debt wiped out. I say damn him, I'll buy those accounts and happily collect those debts. After all, they ARE debts are they not?

Now watch the moral-high-horse-brigade get hot under the collar trying to set double standards and explain that one away :rolleyes:

Mrs_Optimist

Depends how the debt was accrued - if it was on flash cars, holidays, latest gadgets that you knew you coudn't afford then I have no sympathy... BUT if it is legitimate living expenses, unpaid wages forcing you to pay for bills and food on credit cards etc, Tax Credit overpayments being clawed back, redundancy etc etc then I would not dream of taking the moral high horse.

System

Mrs_Optimist wrote:

Depends how the debt was accrued - if it was on flash cars, holidays, latest gadgets that you knew you coudn't afford then I have no sympathy... BUT if it is legitimate living expenses, unpaid wages forcing you to pay for bills and food on credit cards etc, Tax Credit overpayments being clawed back, redundancy etc etc then I would not dream of taking the moral high horse.

Thanks for the input Mrs optimist and all input is always welcome. But when you use words like 'No sympathy' in an evironment (DFW board) where mutual support is the one of the only things that brings us all to bear our crosses, be careful what you say. We all have our problems we are all in debt on this board for one reason or another, some irresponsible some not so. But we dont lock someobody up nowadays and throw away the keys, we rehabilitate them. Let us do this and dont judge us all or tar us all with the same brush.

Lenny