We know that a collapse is coming but we do not know when it will happen, all kind of people have been predicting the economy is going to fall at some point and the system is going to crash and despite the terrible numbers we are seeing the economy is still in place, it is better to not put a date to it and just prepare in the case it happens, the best thing to do is to avoid debt because as you say most likely the standards to get credit will go down again and anyone will be able to indebt themselves for life if they want and suffer the consequences later when there is hyperinflation.