> pay off all debts
Why would you pay off your debt if you thought civilization was going to collapse?
If civilization collapses, 7 billion people will die, at least.
The economy contracting 90% is a possibility, and if your income goes to zero, you don't want to lose what you have left because of a loan you didn't think you'd actually have to pay off.
If the economy contracted 90% you wouldn't have to pay any loans because the loan collectors would be dead. This is sort of like "if you owe the bank a billion dollars the bank has a problem".
Only the unsuccessful ones.
collapse != instant mad max.
Legal claims will very likely still exist. And if you owe money to somebody with more resources or power than you then you're gonna have a bad time.
Look at the USSR in the early 90s for a great example of what that might look like.
Re:The QT Timebomb
by ravenstine on Wednesday January 19, 2022 @11:12PM
(#30004504)
Having assets and precious metals, though cliche, wouldn't be bad to have either since they'll at least be worth something even if the USD lost all value.
The standard advice, pay off all debts, have some cash on hand, stock up on food, fuel, toilet paper. Make friends with your neighbors. Have skills that will be in demand, like being able to fix things.