What if everyone in America stopped paying their credit card bills, loans, and mortgages?

What if everyone stopped paying their credit card bills and loans?

Let%26#039;s just have a fun hypothetical moment and imagine today%26#039;s world where people still have their money, (What little they do have left) and just don%26#039;t pay their bills, somehow the credit card companies and lenders can%26#039;t get their payments, there is a trillion dollars of imaginary debt floating around, what would happen to the U.S.? Would it have a world effect? What would that be?

Obviously people would be arrested and repo%26#039;ed BUT with EVERYONE doing it?! That would include the people who worked for the credit card companies, police, etc but you must assume that every single person participates in this weird *** experiment and for an indefinite amount of time. Please give as detailed a response as you can, have fun!

If theres some really obvious answer to this that I havent figured, then what if everyone in the WORLD stopped paying their loans, would that be different?

What if everyone in America stopped paying their credit card bills, loans, and mortgages?

First off you would want to take your money out of the bank before this started. Else your account would be frozen as the banks tried to work through the issue. However the banks lend out most of the money so not everyone could get their money out. Companies must keep their money safe so your boss would lose the money to pay you and you would be out of work. You would keep the house you are in because there are to many people for the banks to repo all the homes. You would not be allowed to borrow, and would need to pay using what ever cash you have. Those who didn%26#039;t get their money out will starve or steal.

Seeing that we have our hands in markets around the world, many of them would experience the collapse of American owned companies, and any American products they buy would stop being produced (because your boss can%26#039;t pay you). Some places will recover just fine but most would feel a slightly smaller result. But you still wouldn%26#039;t find jobs in other countries, because all the American related jobs would go out and the people would flood the local job markets.

If the whole world did it there would be the slight difference in the places that we are not in, they would do worse to (North Korea would be an example of a place that would be affected by a world movement, but lightly by an American movement)

What if everyone in America stopped paying their credit card bills, loans, and mortgages?

What you are proposing would create 75% or more unemployment. A total economic %26quot;collapse%26quot;... Report It

What if everyone in America stopped paying their credit card bills, loans, and mortgages?

THE 2ND GREAT DEPRESSION

What if everyone in America stopped paying their credit card bills, loans, and mortgages?

shimmy is right. go back and read some history.

What if everyone in America stopped paying their credit card bills, loans, and mortgages?

Money in the US is backed by the loans made by the public. When you create a loan, you create a deposit in the system. If the loans go bad, the money would be worthless. However, even gold would be worthless because there is no quick way to get it into circulation. You would get mass starvation.