SubscribeU.S. Heading for a Recession? Maybe It’s Time to Get Your Financial House in Order…
A recent study done by CNN Money indicates that only 19 percent of the 1,000 Americans polled believe that the nation will avoid a recession in 2008. What is more telling is how this collective fear is beginning to mold the financial behaviors of people across the nation.
One of the many questions asked in this survey stated the following:
In the past 12 months, have you been spending about as much as you did before on most things, spending more, or cutting back on your spending compared to twelve months ago?
As you can see, 48 percent of those who took the survey are already beginning to reign in on spending and have begun cutting back. People are generally concerned about their financial security and ability to meet their monetary obligations (mortgage, kids college tuition, medical, etc.) in order to ensure the bills are paid. Although this is something that people should be preparing for during times of economic expansion, it is better to be late than never.
Stephen Oakes
Editor, Volume Spike Alert & Black Sheep Trader
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