It is clearly evident that the U.S. economy is rapidly deteriorating, considering reports of declining business sales, increased commercial bankruptcies and Chapter 11 filings, accelerating employment problems, the largest Federal debt in the country's history topping $19 trillion, not to mention mounting U.S. household debt (averaging at $15,762 in credit card debt and $130,922 in total debt). For many people, it's easy to get excited about a rise in the stock market, but a look at the overall U.S. economy gives credence to the possibility of an economic collapse.

For now, many of us still have a steady income and live quite comfortably, and, luckily, find ourselves in a position to prepare for financial hardship. If you are ready to accept that the signs pointing towards the deterioration of the U.S. economy are real, and you realize that your local and Federal governments doesn't really have to resources or plan to take care of your family should a financial crisis ensue, here are 5 things you can do today to start preparing.