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.