Hi Smart People,
I know you are here, and so I ask: What happens to my mortgage, (7 yrs old, fixed rate, 5%) when the $ is devalued?
Do I gain on this deal? If not, how can my contract, which is legally binding under the Constitution, be amended without my consent?
I only promised to pay back $, not gold, oil, or whatever.
Thanks for your smart answer!
That depends on your income. Back in the inflation of the late 70's, I got double digit percentage cost of living wage increases a couple of times. As long as you stayed employed, the mortgage got cheaper & cheaper.
I don't see that happening this time. Wages are flatlining while prices rise. In other words, there is a good chance you ain't near as angry as you're gonna be!
Sorry for the unhappy view - but always remember, people who try to predict the future are always surprised by what actually happens!