sp4149 said:
My mortgage payment (auto pay) has been the first of the month, the next one due on June 1st.
My mortgage holder notified me today that they have moved my auto pay date to May 30th so that they will get one more payment before the debt ceiling implosion in June.
I have a federal pension and when I refinanced had setup the due date so it would be after I received my federal pension, today the due date was changed to May 30th effective immediately. My comment is not whether this unilateral change is legal or appropriate, No, this just illustrates how serious the biggest bank in the country takes this debt ceiling kerfuffle.
GET YOUR MONEY NOW...
I know this is going to sound strange - you don't know me and I don't know you, so why would you believe what I'm about to say. So take it for what it's worth and maybe do your own research if you're interested.
Your bank is not only pulling a fast one on you, they may not even understand how government securities work and they also don't understand what the debt ceiling actually is.
Presumably your bank holds some level of government securities as they are the most dependable interest bearing instruments in the world. It's like cash, but cash that pays interest. If for some reason, Congress continues to dick around with not raising the debt ceiling, the Treasury Department has all kinds of tools at their disposal to make good on existing obligations. Rest assured, your bank is going to get their interest payments on June 1 same as they always do because a nation that prints its own currency is, by definition, unable to run out of cash. Any article that tells you otherwise, including from the New York Times, is wrong.
If you are telling people to get money now because you're worried that this stupid political jousting actually means anything to whether you can access your deposits in your bank, you're allowing the government's lies about what our national debt actually is and where the money comes from to service that debt to cause you to do illogical things. Your mortgage and the national debt have nothing to do with one another just as any personal debt you may carry has nothing to do with the national debt because unlike the government, you can't print your own currency to meet your obligations.
There are financial concerns to creating a large sum of money all of a sudden and we've seen that over the past year in the form of inflation, some of which is due to the government creating too much money and some just due to good old corporate greed. But the obligations will most certainly be met and the national debt will not be defaulted upon.