Better Economic Investment...??
Submitted by RP_RealDeal08 on Mon, 02/04/2008 - 11:16If one were to come across a small sum of money to work with right now, given the current economic situation, the falling dollar, possible market crash, out of control inflation, possible Iran war, etc, which scenario would/should be a higher priority:
A. Pay off unsecure credit card debt
B. Buy silver
(Donating to Ron Paul is not option for b/c said party is dead set on the Dems--sorry i can't convince them, they're sold on obama...ugh. Also, the poster is NOT the said party)
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Those of us involved in the
Those of us involved in the rare coin and precious metals business has been enjoying the greatest bull market in our lifetimes.
http://www.usrarecoininvestments.com
The world is my country, all mankind are my brethren, and to do good things is my religion. Thomas Paine Godfather of the American Revolution)
use your desire for gold as
use your desire for gold as a kick in the butt to pay off your debt - then treat yourself after
dont steal
Rich in NH
"Time makes more converts than reason." -Thomas Paine
Learn Liberty: lewrockwell.com/tomwoods.com/mises.org
Get EDUCATED, not AGITATED!
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I'm glad you used the word
I'm glad you used the word 'priority' as it helps me to explain why I say, and have advised not to worry about unsecured/credit card debt. Many people will say pay off debt because it sounds like common sense, however, I add something else into consideration. It's hard to say how long we have before entering a Depression phase, if that is our destiny. I'm trying to play it safe and have moved the date up to mid-year. For most people, because of the way interests rates work, it will take many months, possibly years to pay off debt even if determined. With a worst case disaster scenario you are not going to worry about calls from creditors so much as how you can keep safe/surviving. As long as your house is not securing the debt then your situation cannot worsen by having the debt. When the smoke clears you can file bankruptcy, as many will anyway. However, having a stash of precious metals can drastically be of help.
One thing I would definitely advise is to take advantage of the super low current interest rates and get a debt consolidation loan - effectively rolling any higher interest rates into a single low interest rate loan, which means a (sometimes significantly) lower overall monthly payment amount. Send in the minimum to keep current, and ride this economic wave while stockpiling gold/silver etc. Good luck.
Not to be an alarmist
but for the last few weeks I've gotten solidly into the grub/guns/gold mentality... the wife and I thought that a really good nonperishable to stock that would be worth its weight in gold is whiskey.... heh
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
LOL
I've heard that whiskey ploy really made money during other extreme down-times! Fabulous!
Pay off debt, IMHO
UNLESS the interest charged on debt is LESS than the potential appreciation of silver (precious metals markets move rather slowly compared to other securities--see how long it took gold to appreciate to where it is today).