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| One thing that I was told a long time ago that I haven’t forgot was a person telling me that people who concentrated on paying off their land first and put their crop in on borrowed money were being turned down for loans and couldn’t put their crop in. Many of them ended up having to sell their land to pay their living expenses. People who just made their regular payments instead of paying it off early and kept the extra money to put their crop were not caught having to negotiate any new loans during the upheaval. They got to put their crops in and had a crop to sell. Many of those people were able to keep making their yearly land payments and managed to struggle through it.
Of course there were a wide variety of situations but I’m glad I heard that. I will never forget that being asset rich does not guarantee you will be able to borrow the working capital you need.
Edited by havin’funfarming 2/29/2024 21:36
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equipment debit or land debit
