Paying off as much of your debt as you can is the one biggest piece of advice we can give to our fellow preppers. The economy could implode any day. So we’ve put together this easy to follow guide to help you go debt free in 2019.
“Most times people take on debt because of normal things, job loss, kid in hockey, a reno gone wrong,” investment manager Shannon Lee Simmons told CTV’s Your Morning. “It’s not because of Gucci purses.” Paying off the balance is a suggested way to prepare for any potential economic downturn too. You won’t be hassled by debt collectors or have your car repossessed because you missed payments.
Global public (government) debts and private debts are at all time (and terrifying) highs. This historic debt is really at the core of most people’s economic decline. Granted, not all debts are incurred through overspending or buying a car out of your price range but if you want to be prepared for any downturn in the very volatile economy we all are living in, the best bet you’ve got is to go debt free.
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Without extreme debt conditions, economic downturns cannot be created (or at least sustained for long periods of time). According to the amount of debt weighing down a system, banking institutions can predict the outcomes of certain actions and also influence certain end results. For example, if the Fed was interested in conjuring a debt-based bubble, a classic strategy would be to set interest rates artificially low for far too long. Conversely, raising interest rates into economic weakness is a strategy that can be employed in order to collapse a bubble. This is what launched the…