There’s always a next recession, so be prepared

Recessions are like natural disasters: They’re inevitable, but smart preparation may reduce the impact on you.

The U.S. economy has grown steadily since emerging from the “Great Recession” in June 2009, but expansions can’t continue forever, and this one is already the second-longest on record. Only the expansion from March 1991 to March 2001 lasted longer.

Recessions occur when growth stops and the economy starts to shrink. They vary in severity and length, but often jobs disappear, incomes decline and lenders make it harder to qualify for credit.

Knowing what may be coming can help you fortify your finances to withstand a possible slowdown. In my latest for the Associated Press, some steps to consider.

Related Posts

  • Wednesday’s need-to-know money news Today's top story: Ace back-to-school shopping with six smart moves. Also in the news: How to prepare for the next recession, how a […]
  • Friday’s need-to-know money news Today's top story: Checking your credit doesn't hurt your scores. Also in the news: Personal finance tips from NerdWallet moms, why you […]
  • Thursday’s need-to-know money news Today's top story: Summer is the perfect time for a financial checkup. Also in the news: Why your parents' money guru may not be right for […]
  • Monday’s need-to-know money news Today's top story: How to prepare for the next recession. Also in the news: How to grow your tax refund, everything you need to know to […]

Speak Your Mind

*