Reply #41: Nobody touches my mattress!

[mcscajun]

:)

If you don't have debt, they can't repossess your house. I still have some, so they could. Not that they'd want this old wreck, but they can have it; I can see families consolidating and living under a common roof again, as was somewhat common decades ago during the Great Depression.

In general terms, I can't ever see debt forgiveness during or because of a crash, and even if your creditor goes under, somebody assumes his position as your creditor. Bad news for debtors in bad times is the standard. So savings is definitely better, just keep an eye on all your savings, investments if you have any, and the institutions that hold them for you. Be prepared to pull out if necessary.

All that said, a little hard currency (gold, etc.) isn't a bad idea either. Not that I have any.