41% of adults are preparing for a recession. It's time to stress-test your income, advisors say
Publishing timestamp: 2023-03-17 08:00:01
Summary
As recent banking troubles have stoked fears of an economic downturn, advisors suggest stress-testing finances and preparing for hard times. Many Americans are saving more money or cutting back on spending to prepare. Advisors recommend evaluating how well one could handle an income drop and creating a safety net. Conservative investors are now able to get higher interest rates on their cash, but higher interest rates mean consumer debts are climbing higher. Experts suggest finding ways to renegotiate debt or paying it down completely to create financial flexibility in one's budget.
Sentiment: MIXED
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Source: https://www.cnbc.com/2023/03/17/how-to-stress-test-your-income-amid-rising-recession-fears.html