But, if you are debt free with a good savings accounts it can be a great opportunity.
Which is why I don’t care about the moneychangers worst nightmare, deflation. After they Inflated(stole Value)our money by 4% annually for the last 100 years, We have A LOT of Deflation to do, and I am Totally Debt Free, why aren’t you?.
Depends how bad the deflation actually gets. If you are living within your means currently and don’t have a crazy high mortgage with an equity loan to boot, most can probably get by; it will be tight to be sure, but they could manage by getting rid of cell phones, cable, eating out, entertainment and learning to cook more prudent meals at home.
I have one of my cars paid off, the other working vigorously to do so, but if it came down to it, I would turn in the second vehicle to the bank and just focus on my home and property and staying fed. Sucks for me, then again, I know I am nowhere near in bad as shape as others out there with normalcy bias not even paying attention to what is going on.
For those who are thus personally, but are living in multiple governmental jurisdictions holding massive amounts of debt collectively, i.e. most of even the best, most prudent, of us, be very careful lest they impute their debt down to you based on their ideas regarding your ability to pay it. It may or may not be legal, but then neither was GM's bankruptcy.