How To Survive The 2011 Economic Collapse Part 2
That’s right folks!
Now is the time to pay off as many of your debts as possible in preparation of the coming economic collapse.
Try to allocate a portion of your disposable income to paying off your debts completely, rather than paying only the minimum payments and carrying a revolving balance from month to month.
If economic calamity leaves you with few monetary resources, you’ll want to avoid aggravations from debt collectors and lawsuits from creditors you cannot afford to repay.
Get into the habit of using cash instead of credit cards to help avoid aquiring new debt.
Concentrate on paying off high-interest debt, loans with adjustable rates and unsecured debts first.
Sell expensive vehicles that have loans to pay off what you owe, and buy cheaper replacements using cash.
In order to survive a total economic collapse, you need to have assets, not liabilities.
Please Note: If you and your family have limited or modest income then obviously storing food and other survival resources is a higher priority than paying down debt. No point being debt free if you starve within a couple of weeks of the Collapse!
. If you have enough income then try to pay off your debts as fast as you can.
Credit card debt is the major debt that you should be focusing on as the interest that is tacked onto it by the Credit Card Companies can cripple you if you don’t hit it on the head.
Remember though, if you have a limited or modest income, focus on storing food and other supplies first, debt second.
. Do everything you can to keep your job. As long as you have income coming in, you’ll be okay. In a growth economy, it’s much easier to find a new job, but this isn’t that kind of economy.
. Renegotiate your credit card payments or interest.
. Stop contributing to your children’s college savings plans. (You can start this up again when the economy improves.)
. Set up a budget. Go through your expenses with a fine-tooth comb and postpone, eliminate or reduce any that you can.
Part 3 Coming Soon!!