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Are we heading for recession?
The current talk is of recession and general doom and gloom for the economy. But are we really heading for one and if so, what does it mean and how can we protect ourselves? Financial expert Jasmine Birtles from www.Moneymagpie.com gives us the lowdown
What is a recession?
Technically, a recession happens when we have economic decline for at least six months in a row. However, very often just a sharp slowdown in the amount people are earning and spending can feel like a recession. That's the way it's feeling now.
The last time we had a recession was 1990-92 when house prices plummeted, many home owners had 'negative equity' (where the value of your house is less than your mortgage) and unemployment rose. Since then we had a bit of a downturn after 9/11 but not enough for it to be a proper recession. Now, economists are talking about the possibility of a global recession happening some time before the end of 2009.
Are we heading for one?
It's possible. No one knows for certain yet but what everyone is saying, including Mervyn King, the Governor of the Bank of England, and Gordon Brown himself, is that it's going to be a tough year economically.
There are many reasons why we could have a recession, including the fact that the United States seems dangerously close to recession and consumers here have really reined in their spending on the high street . However, the Government and the Bank of England may be able to stave off a really bad slump in the next month or two if they make the right decisions.
How can I protect myself if it does happen?
The most important thing to do in times of economic slowdown is to get out of debt as quickly as possible. If you currently have debts that you're not coping with then get help as quickly as possible. Maybe you have a canny friend who can go through your bills and statements with you to see where the problem is and to set a budget with you.
If not, then contact one of the free advice services around like the Citizens Advice Bureau or the Consumer Credit Counselling Service. They will give you free, impartial advice and can even negotiate with your creditors for you and help you set a budget to cut down your spending and pay off your debt.
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