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Originally Posted by willravel
There is a simple solution. Exchange all of your US dollar savings for gold, Euros and Yen. Diversify your savings and protect them. I mean honestly, this is a big bucket of duh.
If the dollar actually stops tanking and starts rising, you can exchange it back and you'll have made interest.
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Sage advice, willravel. But for many it is already too late. There are many who don't have US dollars (or any, for that matter) to exchange for the wonderful things you've listed. I'm one of them. I'm still reeling over an unprecedented student debt load. What my co-worker paid to get her degree wouldn't even cover a single year of tuition today.
As indicated, the problem is debt. Not all the debt you read about is taken on as a good strategy. There is often a difference between credit card debt and student loans, especially if you have a home filled with electronics that keep getting replaced for no real purpose. But debt (and a lot of it) is the sad reality of this situation. On average, people are spending more than they earn. What does that tell you?
And mortgages. Who doesn't want to own a home? Unfortunately, there are many nasty mortgage "deals" floating around. This is how many people get hooked, and now they'll pay the price.