Should we obtain cash from our line of credit?

[ctophil]

Originally Posted by Emman

My intuition tells me to ask you folks about this.

This is what I think may happen soon: the banks will go on a holiday and will be closed. There will be a panic to get money. The ATMs will be down. The folks that do not have any cash with them (because so many of us use debit cards now) will be in tough bind. These folks will not have any money to buy gasoline or food in the short run. Most people don't have more than a week of food in their home. Therefore, having cash on hand will be imperative for the initial days or weeks of survival. Stores and services may be shut down, but there will probably be some stores and gas stations operational until they sell off all their inventory. But they will be only on a cash basis as plastic will not be working. This is the scenario that I think will happen based upon everything I've read and seen on Camelot; my interpretation.

Emman,

Andy Gauss (Economic Historian) had an interview on Coast to Coast am last week. And he said that it's better if you live in debt at this point and don't pay off your mortgage. Interesting observation. I have the .mp3 if you want me to upload to youtube or something. I can't seem to find it on the net anymore.

-Phillip