Bottom line Wilmington Trust’s Tilley compares the end of a recession to a sick person in a hospital: Just because the proverbial patient (the U.S. economy) is improving, doesn’t quite mean the hardship is over.
Continue saving for emergencies and cutting back on any nonessential purchases. If you’re still experiencing financial hardship, arrange a forbearance program with any lenders or financial firms that you regularly pay a bill to — steps experts say are crucial to recession-proofing your wallet.
“Can we leave the hospital? That’s an incredibly important question right now because, by an objective measure, our patient, our U.S. economy, is on a healthy dose of steroids, both from the government and also from the central bank,” Tilley says. “The most important thing is, we don’t know how strong the patient is going to be when we take the steroids away, and when the patient is asked to get up and walk around on his or her own.”
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