That's all. This isn't an admonishment for spending too much on a credit card, or for possessing large levels of debt. It doesn't matter where you are, but rather to recognize your current level of debt -- and prepare for peak oil by GETTING OUT OF DEBT.
As much as possible do this, especially on credit cards and smaller loans that are easier to pay back. Many people who come to meetings have a bit of a panicked look about them, and are wondering how they can best prepare for peak oil. Decreasing the amount you owe is a great way to start, and smaller interest payments will leave more money in the pocket to save, or to continue paying down debt.
As individuals and as a nation we've taken on an incredible amount of debt. One thing that is for certain is that the standard "business as usual" model of infinite growth will not continue. And that means rates for borrowers (and lenders) will increase rather than decrease. All this means is that individuals will make less money each year and face increasing credit rates.
Reduce your vulnerability to this trend by paying down debt now, when you have the spare assets to allow you to do that.
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