The worst possible thing would be a financial collapse, all of your debt, tax records, etc will still exist so will people wanting their money. It would be a very slow death for everyone
While people may be debt-free i.e. no mortgage, no credit card bills, cars are paid off there still that thing called tax. even if your stake currently does not have a property tax that does not mean that during financial collapse they won’t institute one if you consider that sales tax will be nonexistent.
Now let’s take a look at the Great Depression, here are some facts;
The stock market lost almost 90% of its value between 1929 and 1933.
Around 11,000 banks failed during the Great Depression, leaving many with no savings.
In 1929, unemployment was around 3%. In 1933, it was 25%, with 1 out of every 4 people out of work.
The average family income dropped by 40% during the Great Depression.
More than $1 billion in bank deposits were lost due to bank closings.
The worst years of the Great Depression were 1932 and 1933.
Around 300,000 companies went out of business.
Hundreds of thousands of families could not pay their mortgages and were evicted from their homes.
I personally believe that in today’s economy things will be a lot worse, our economy is a lot more fragile. There will be hyperinflation price of gasoline maybe $20 or $50 a gallon.
Something else remembers the Great Depression lasted 10 years.