In the entire history of the United States, consumers have never been in so much debt. And that would not be an economic collapse as long as the vast majority of us were regularly making our debt payments, but as you will see below delinquency levels are starting to rise to extremely alarming levels.
In fact, some of the numbers that are coming in are even worse than we witnessed at any point during the last economic crisis. If things are this bad already, what are they going to look like once the economy really gets bad?
Because even though it appears that we are heading into a new economic collapse, according to the Federal Reserve it has not officially begun yet. That means that much worse is yet to come. Just like last time, millions of Americans will likely lose their jobs, and without an income most of those that suddenly find themselves unemployed will not be able to pay their bills.
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The stage is set for the largest tsunami of consumer debt defaults that this country has ever seen, and that will cause an absolutely devastate economic collapse across America. If you think that I am exaggerating even a little bit, please read over the following list very carefully.
The following are 12 statistics that prove that the U.S. is facing a consumer debt apocalypse…
1 Total consumer debt in the United States just surpassed the 4 trillion dollar mark. That has never happened before in all of U.S. history.
2 When you throw in mortgages and all other kinds of individual debt, U.S. consumers are now 13.5 trillion dollars in debt.
3 A whopping 480 million credit cards are in circulation in this country. That number has shot up by nearly 13 percent since 2015.
#4 U.S. consumers are carrying 870 billion dollars worth of balances on their credit cards right now.
5 56 percent of Americans that currently have credit card balances have been carrying them for more than a year.
6 The number of “seriously delinquent”credit card accounts in the U.S. has shot up to 37 million.
7 Americans now owe a total of 1.3 trillion dollars on their auto loans.
8 At this moment, more than 7 million Americans are delinquent on their auto loan payments. The figure has already surpassed what we witnessed during the peak of the last economic collapse by about a million.
9 The total amount of student loan debt in the United States has reached the 1.5 trillion dollar mark. Over the last 10 years, that number has more than doubled.
10 Right now, more than 166 billion dollars in student loan debt is considered to be “seriously delinquent”.
11 Millennials are now more than a trillion dollars in debt. No generation of Americans has ever been deeper in debt at this stage in life.
12 One recent survey found that 78 percent of Americans “are living paycheck to paycheck”. Suffocating debt levels are a big reason why that figure is so incredibly high. We haven’t seen anything like that since the last economic crisis.
At this point, even mainstream economists are openly admitting what is coming. And when the next economic collapse strikes, things are going to get very, very rough for U.S. consumers. A consumer debt apocalypse is coming, and it is going to be incredibly painful.
If a U.S. economic collapse occurs, it will happen quickly. No one would predict it. That’s because the signs of imminent failure are difficult to see.
How to Prepare for a Collapse
Protecting yourself from a U.S. economic collapse is difficult. A catastrophic failure can happen without warning. In most crises, people survive through their knowledge, wits, and by helping each other. Make sure you understand basic economic concepts so you can see warning signs of instability. One of the first signs is a stock market crash. If it’s bad enough, a market crash can cause a recession.
Second, keep as many assets as liquid as possible so that you can withdraw them within a week. In addition to your regular job, make sure you have skills that you’d need in a traditional economy, such as farming, cooking, or repair.
Keep yourself in top physical shape. Know basic survival skills, such as self-defense, foraging, hunting, and starting a fire. Practice now with camping trips. If you can, move near a wildlife preserve in a temperate climate. That way, if a collapse occurs, you can live off the land in a relatively unpopulated area.
As for cash, it may not be useful in a total economic collapse because its value might be decimated. Stockpiles of gold bullion may not help because they would be difficult to transport if you needed to move quickly. In a severe collapse, they may not be accepted as currency. But it would be good to have a stash of $20 bills and gold coins, just in case. During many crisis situations, these are commonly accepted as bribes.