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The downturn may erase some debt, but not most of it. Most people will do the "Right Thing" and try to pay their debts, especially if they are prone to denial and believe the recovery is coming soon and good times will return. There is little the government can do to fix this, they will talk a lot and do little. If you want to know what will happen, study the history of the last depression, the time is different but economic fundamentals are always the same.
The downturn may erase some debt, but not most of it. Most people will do the "Right Thing" and try to pay their debts, especially if they are prone to denial and believe the recovery is coming soon and good times will return. There is little the government can do to fix this, they will talk a lot and do little. If you want to know what will happen, study the history of the last depression, the time is different but economic fundamentals are always the same.
you are doing wishful thinking here lol. Again you should do research. Your "do the right thing" option means nothing when people do not have jobs. Just before they got ready to change the bankruptcy laws, the number of people trying to get a bankruptcy sky rocketed to the largest amount ever in recorded history. Right now the number of people delinquent on CC payments and car loans have sky rocketed. People are walking away from homes etc. So this little "morality" factor is a figment of the imagination. People will do what they have to do at the end of the day.
you are doing wishful thinking here lol. Again you should do research. Your "do the right thing" option means nothing when people do not have jobs. Just before they got ready to change the bankruptcy laws, the number of people trying to get a bankruptcy sky rocketed to the largest amount ever in recorded history. Right now the number of people delinquent on CC payments and car loans have sky rocketed. People are walking away from homes etc. So this little "morality" factor is a figment of the imagination. People will do what they have to do at the end of the day.
I always do my research. That is why I am successful. Part of that research is the mindset and psychology of the masses. If you do not think the Government and Big Business affect the psyche of the people, then you need to do your research.
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