- Moderator
- #1
Does anyone have plans for what to do if the economy gets rougher? What are your plans?
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In reality, I have always been "prepared".
I have no credit card debt, haven't had in a good 15 years.
I have no car payments.
Even after my home loss at least 25% of its value - I still have a lot of equity.
When the interest rates dove down 7 years ago or so - I refinanced, but was I a dumbass and put my auto loans on a new mortgage? - or took out an extra $10,000 or whatever?
No - I increased my house payment by a little over $80 a month - but I cut 10 YEARS OFF THE LOAN.
You see, I understand that what you can afford to borrow has a lot less to do with what the monthly payment is, but rather the expense of borrowing the principle.
If you are worried about preparing for a worsening economy - you shouldn't have to. Living within your means, means preparing for lean times.