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Let's say your debts and the money you own suddenly switch places. Your new debt is spread in equal ratio to the way it was before this happened. So if you had $100 to your name all up and $200 in debt to company A and $100 in debt to company B, now you have $300 in the bank and a $66.67 debt to company A and $33.33 debt to company B
What do you do if it only happened to you?
What do you do if it happened to everyone?
How do you think it will effect society?
I do have considerable savings but I also have a mortgage, so I'd come out of it positive. I'd carry on as before, as the years go by and I save up and pay into my mortgage I'm going to be in that position one day anyway. Most people have minimal savings and their debt will outstrip that. Only people who own their homes outright like retired people will come out of it poorly I suspect, and children who have trusts in their name (or even basic savings accounts) but are too young to incur debt. Well, surprise kids!
I think most people will go on a spending splurge and subsequently incur more debt. Banks would be all too eager to lend, now having reduced liabilities and more assets in the way of people's savings. The economy would expand that year and there would most likely be an increase in the inflation rate for a while too. We'd be left with a recession once the splurge was over.
HELL YES I WOULD END UP WITH LIKE $40K
THANKS STUDENT LOANS
I would end up with nothing, because I have zero debt. That would suck! :(
i have no mortgage but a sizable student loan and no real savings. I'd be left with something around 40k USD.
I would uh... put it into my savings to buy a place to live. With 40k, i could get a decent loan and buy an apartment somewhere. Then I'd hope for money to swap sometime in the future again!
That'd be way positive for me. I'd buy so goddamn much candy. A room full of candy.
I do have my student loan which is considerable. Seems that I will be okay.
But I'd probably just continue on as I am doing now, probably feeling a little bit more freedom to maybe go back to school and learn some more life lessons or whatever.
I have no debt and I have no money.
So I'd be in exactly the same spot
I have no debts and a sizable amount of money, so I'd be pretty screwed.
I believe I have about $20,000 in debt/loans. It would certainly be a positive for me, but I'd use it to buy a car, move, and fund my some what work related trips.
My car and condo are now paid off, and my debt would be wiped out in a matter of weeks.
I don't have all that much money currently, but I have considerably more money than debt (I'm very good at keeping my credit card paid off). I'd be pretty depressed.
I have a mortgage, but my home is an asset that is worth more than my mortgage. Unless your home has depreciated, you should come out negative from this deal.
I would end up slightly more positive than negative, I'm figuring less than $1000, then I would carry on life as usual.
My country would allegedly be very rich and I would probably make moderate gains.