manicpanicpacman asked:
I heard that many people lost their lifee savings in the banks during the great depression. if you lost your money to a bank, and had a load with the same bank would it be canceled out on the difference?
personal debt
I heard that many people lost their lifee savings in the banks during the great depression. if you lost your money to a bank, and had a load with the same bank would it be canceled out on the difference?
personal debt
personal debt
Unfortunately…no! Banks still repossed vehicles (those that had them, which certainly wasn’t the majority in that day).
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U have to sell everything u own to pay off your debt. They would hold u still responsible for your debt. Take your house if u own one, take your car! Take the clothes off your back too.
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Your personal debt remains due in a depression.
You can have your house and car repossessed by the bank even if the bank gets all your money. They don’t credit it towards the house payment. They steal it with the government’s permission.