Friday, March 11, 2022

Do NOT do this as part of your prepping!

By Tim Gamble

Do not go into debt to buy your prepper supplies and gear. Recent world events have shocked some people into finally becoming preppers. Some folks who were already "armchair preppers" have been shocked into finally getting serious about their preps. Even some long-time, serious preppers may feel the need to do even more given the state of world affairs. An easy answer may seem to be found in pulling out the credit cards and ringing-up the debt to buy supplies and equipment. Please don't. 

In fact, I recommend avoiding personal debt, regardless of the reasons. Except for perhaps a home mortgage, debt is never a good idea. Especially consumer debt like credit cards, car loans, student loans, payday loans, and installment plans. The saying that debt makes the debtor slave to the lender is very true. Don't do it, even if it means doing without.
"The rich rules over the poor, and the borrower is the slave of the lender." -- Proverbs 22:7 (NKJV)
I've been around the world of preppers and survivalists long enough (about 20 years) to realize that some folks seem to have the idea that they can go into debt now, and not have to pay off that debt after an economic or societal collapse. What if the collapse doesn't happen as soon as you expect? A complete political and economic collapse that would wipe out all debt  might be many years away, if it happens at all. In the meantime debt means worry, slavery, and possible financial ruin. Marriages and families have been destroyed by debt. Don't do it.

Yes, the world is scary right now. Spending money we don't have to buy "stuff" may make us feel a little better and safer in the moment, but will likely have many negative consequences over the long-term. Do the best you can with what you have. Don't spend money you don't have. 

*** You may also be interested in my article: Money Mistakes of the Poor & Middle Class (plus solutions)

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