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Al asked in Business & FinancePersonal Finance · 3 months ago

what effect did the great depression have on debts?

were debts forgiven

3 Answers

  • John
    Lv 6
    3 months ago

    The Great Depression took Grandpa's farm.

  • 3 months ago

    Many banks (especially small banks) and businesses went bankrupt, because their debtors could not pay them

  • Dze
    Lv 7
    3 months ago

    no ..the banks called in the loans and collected assets .. wealth wasnt destroyed it just changed hands .. thats how it works ...

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