There are arguably already signs of tougher times ahead as numerous companies, especially in the North American tech sector, have announced mass layoffs From m_zadikian
, as defined by a contraction lasting at least six months, is on the way during the first half of next year as high inflation and rising borrowing rates take a toll on consumer spending, the housing sector and labour market.
The survey also found 27 per cent were turning to credit cards to make ends meet, while 21 per cent had cashed in some investments to pay off debt or bolster their household balance sheets.There are three core rules to keep in mind when trying to prepare your finances for a potential recession, according to Kelley Keehn, a personal finance educator and best-selling author."Many Canadians haven't recovered financially from COVID and getting your emergency savings back up is key.
With credit cards charging roughly 20 per cent or more in interest, those individuals need to exhaust their other options first.
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