A Failing Economy Is Not a Get Out Of Jail Free Card for Personal Debt

Today we will be discussing a very popular misconception about the growing economic collapse and how it relates to personal debt. After seeing numerous debates on this topic, many preppers seem to believe that one day the economy is somehow going to just implode, apparently overnight, and that a widespread economic collapse will be upon us. It will be anarchy in the streets, money of any kind will be completely worthless and best of all, all personal debts will simply vanish amidst the turmoil of economic doomsday.

Today we’re going to disappoint some people and give a little dash of reality into this scenario and give you a good idea of what to expect in the coming years when it comes to personal debt and the continued degrading of the national and global economies.

Empires don’t crumble overnight

First and foremost, the idea that somehow the economy will literally crumble overnight is ridiculous. Even with all its faults, the American economic system cannot simply implode overnight. My only assumption is that most of these people don’t understand what an economic collapse actually is.

There will be no overnight collapse of the economy. The truth of the matter is actually scarier than some far off, “it could happen” overnight disaster scenario. The truth of the matter is that the economic collapse is happening right now and has been for over a generation.

This means that there will be no cataclysmic event that somehow makes our currency worthless. At some point something will have to be done about the alarming rise in inflation and our out of control government spending, but that’s not a process that can succeed or fail overnight any conceivable way.

What this means is that there will never be a time when the economy simply “goes away” and all your personal debt will simply vanish. Are there potential disaster events out there that could do this? Absolutely. A global pandemic, EMP or any number of the big Hollywood disaster scenarios could blast us back to the trading and bartering days, but inflation isn’t going to do that….READ THE FULL ARTICLE HERE