How would we handle this right?
How much of a knife's edge is this, and how do we protect ourselves?
How much of a knife's edge is this, and how do we protect ourselves?
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.
Why would you pay off your debt if you thought civilization was going to collapse?
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.
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.