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Quick Advice for Financial Prepping

When financial prepping for TEOTWAWKI, the last thing that might come to your mind is paying down your debt. After all, aren’t there more important things to worry about like staying alive?

While that may very well be the case, you need to also prepare for the possibility that the financial system survives, including the IRS, and calamity or no calamity, the creditors will still want their money. In fact, they may be more aggressive in their efforts if it means their own survival. If that is the case, you don’t need the extra worry of one more predator coming after you.

There are many disaster scenarios in which people might find themselves cast into survival mode even while parts of the nation’s infrastructure continue to operate. For one, a hyper inflationary episode could result in the collapse of our currency and our society, but banks could live on. Hyperinflation, caused by the loss of confidence in our currency, will drive prices to the stratosphere and, essentially, rob people of their wealth (if it’s in paper assets).

Essential goods and services will become scarce leading to black markets, crime, civil unrest and, generally, pitting neighbor against neighbor in order to survive. If you hold a fixed mortgage on your house, you may be in good shape because your debt will be erased by the hyperinflation. But if you hold variable loans or credit card debt, you could see the interest rates skyrocket. Unless you plan to get completely off the grid, your debt will follow you around.

The other important reason why it’s important to pay down your debt now is to reduce your expenses. Financial Prepping is as much about financial preparedness as it is physical preparedness.

Debt expense simply reduces your capacity to invest in your preparedness. A car payment or credit card payments can go a long ways to building your stockpiles or paying for skill training. Preppers should be thinking first and foremost about sound cash management and transitioning to a more frugal lifestyle.

Financial Prepping:Tips for Paying Your Debt off Quickly

  • Budget like you really mean it. If you are truly in the prepping mindset, you need to prepare your budget as if your life depends on it because it might. Cut all non-essential budget items and allocate a portion of your prepping budget to rid yourself of your debt.
  • Get a 0% balance transfer card. At least in the time you still have, you can lower your interest charges so you can apply all of your payment to principal. But, make sure you pay the balance in full before the end of the introductory period.
  • Sell non-essential items. It’s time for a garage sale anyway, so use the proceeds to pay off debt.
  • Get some part-time work. If you have any skills you can put to work hire yourself out for part-time jobs.
  • Under no circumstance should you take out a home equity loan, but you might consider a debt consolidation loan if you can get a fixed rate.

Continue Tutorial Below

The Real Value of Gold for Preppers: Is It Better Than Stocks and Cash?

Gold coins
Should a calamitous disaster, such as hyperinflation or an electromagnetic pulse attack result in the collapse of our financial systems, our currency will almost certainly collapse. Any dollar denominated investment, such as bonds and many
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Bartering – The King Currency of Survivalists

Pistol bullet and USA flag.
In the aftermath of a catastrophic disaster, cash may be in short supply, and if the financial system collapses, maybe even worthless. Food goods, fuel and other basic staples will likely be the more acceptable
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How the Coming Currency Collapse Will Affect You

Currency Collapse and fifty euro banknote in overturned shopping cart
Only the truly delusional would dispute that the fiscal health of the United States is in serious decline. In fact, its key vital sign, the US Dollar, is dangerously close to flat lining. which would
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Buying a Vacation Home? Make It Your Survival Home

traditional Iceland dwelling in the night
If you need to get out of Dodge quickly and safely, the absolute key element to a bug-out plan is to have a destination that, if need be, can accommodate and protect your family for
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A Prepper’s Best Investment – Learn DIY Skills

Carpentry hand tools set
In the aftermath of a major calamity there are certain things you must have to ensure the safety and survival of your family. In these pages you will find an abundance of information and advice
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Top Five Items When Prepping on a Budget

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If you have followed any of the articles or shows on prepping, you've probably seen some pretty elaborate plans and set-ups with costs running into the thousands or tens of thousands of dollars. That's all
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Prepping On a Budget: Build a Survival Emergency Fund

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What is a Survival Emergency Fund? We've all been lectured throughout our lives about the importance of building an emergency fund. It should be the number one priority for your savings dollars until you've built
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Frugal Prepping – Saving Money for Prepping

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While it can't be foretold with absolute certainty what lies ahead of us on the other side of major catastrophe, one thing we can count on is eventual food and supply shortages, and very probably,
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Quick Advice for Financial Prepping

Stay focused text in nature inspirational motivation and advice concept
When financial prepping for TEOTWAWKI, the last thing that might come to your mind is paying down your debt. After all, aren't there more important things to worry about like staying alive? While that may
Read More
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Financial Survival for Doomsday Preppers

Financial Survival for Doomsday Preppers person cooking canned food on fire
By now, most of you have already heard about the show Doomsday Preppers, which spotlights the lives of otherwise ordinary Americans who are preparing for the-end-of-the-world-as-we-know-it (TEOTWAWKI).  To be clear, this is not about setting
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Getting Ready for Hyperinflation

One dollar coin.
What is Hyperinflation? Historically, hyperinflation is often associated with wars, their aftermath, sociopolitical upheavals, or other crises that make it difficult for the government to tax and govern the population. But those are just the
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