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Collecting bullion vs Debt Consolidation.

Discussion in 'Purchasing Precious Metals' started by SCFY, Jul 4, 2013.



  1. SCFY

    SCFY Seeker Seeker

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    I have been watching a ton of videos on youtube where people are showing off their stacks and talking about protecting themselves against hyper inflation. The one thing I have noticed is how many of those same people have credit card debt and other debts not paid off. To me this is counter intuitive to be collecting bullion if you have not gotten your debts in check first. So I wanted to start this off by saying fix your debts first then you can worry about your future.

    It makes no sense to save like this if your still not paid in full on your debts. The priority is take care of house and expenses first then save to support yourself. i would love to hear what people think about this topic.
     
  2. luckabuck

    luckabuck Gold Member Gold Chaser

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    I agree with you, but some of these people probably think that when the "brown stuff hits the fan" that they will not have to pay debt with a complete financial meltdown. They will have the bullion to live on and debt will be forgiven. Just my 2 cents of thought.
     
  3. SCFY

    SCFY Seeker Seeker

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    SAY IT, SAY IT LOL, The crap hits the fan. I hear you, thats a real questionable way to think. If anything the economy as of right now has improved says the questionable Bernanke himself, but I understand that thought process, just don't agree with it.
     
  4. rte

    rte Silver Member Silver Miner

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    I hear ya
    My $.02 :D advice is pay of everything that is eating money every month before investing
    12 months living $$ then go wild if you wish.

    The IRS might just say your debt was lost in the mail and >>>>>> you owe nothing. :rolleyes:

    I know a few people who lost their homes (read gave them back to the bank) because the bank wouldn’t work with them to lower payments.

    one refinanced and paid $40K on the daughters wedding and the other $40K in house improvements.
    the market dropped and they owed $160K on a $80K house,so they walked.

    the other sold a house made a profit had a new house built, new car, new furniture and lived in the house for 5 years till the market dropped and the $212K house is now at $140K
    not worth what we paid so they were going to walk......they ended up in the process of a short sale that didn’t go thru and lived in the house (payment free) for the next 2 years then walked leaving it to the bank.
    the bank shuffling paperwork with all the foreclosures (cant really find the actually owner on paper) and the house is still empty.

    another guy in the investment/insurance business says (its just another investment) and thinks nothing of someone walking away.
     
  5. goldielox1

    goldielox1 Seeker Seeker

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    Personally I wouldn't do it, but it makes sense if you think fiat will melt down.

    -Borrow $10,000 and buy 10oz gold for it.
    -As fiat devalues say 10x, the $10,000 debt is still $10,000, but the real assets (gold) is worth $100,000 now.
    -Sell 1oz of gold and receive $10,000.
    -Pay off debt
    -Have 9 oz of gold worth $90,000 of inflated currency in pocket.
     
  6. earplugs

    earplugs Gold Member Gold Chaser

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    OP is wrong. They're gonna hyperinflate the dollar so everyone's debts are paid away, so load up on that shiny shiny now while it's cheap and forget about payin dem debts. The politicians and the banks are lookin out fer us, donchaknow? kekekeke! :cry1:
     
  7. The_Head

    The_Head Seeker Seeker

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    I've been using a cc that has a 0% rate for 18 months to purchase gold lately. It seems like a dumb move right now, because it seems gold just keeps going down and down lately. I think I will have the CC paid off before I can get out of gold and back into cash without taking a bath.
     
  8. Piggybank

    Piggybank Seeker Seeker

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    Ever since someone mentioned "Bill me Later" option, I've been using that mainly. It's 0% for 6 months. Usually I have it paid off with-in 2 months. It's like borrowing free money and pay it back with a huge grace period though I havent owed more than $800 at any given time.
     
  9. specsaregood

    specsaregood Silver Member Silver Miner

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    How do you know these people have debts not paid off? Do they say that in these tons of videos? Can you cite some examples of people showing off their stacks then going on to talk about how much debt they have accumulated? TIA.
     
  10. SCFY

    SCFY Seeker Seeker

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    There is a group of people on youtube who talk about not stacking for awhile due to the fact that they have debts and they need to get caught up. I am not saying everyone, but there is a pretty large amount who say they want to get caught up before they continue stacking, and did you not read the part right above your question where people are using credit cards to buy silver, making debt to gain silver. Point is made...
     

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