✔ Tips include paying down debt and shoring up personal budgets to be able to withstand any sudden shocks to the economy.
People who had ARMs and are nearing the end of that period may want to consider refinancing to a fixed rate.
People carrying credit card debt may also want to contact their lenders to see if they can strike a deal. Paying off debt entirely is also a good idea, if possible. Kearns recommends tackling those cards have relatively low balances.Peter Dazeley | Photodisc | Getty ImagesPaying down debt is just one way to set yourself up for financial success in the future, something that's especially important as people weigh the risk of a recession.
"Be smart about spending the money you do have," Kearns said. This may mean cutting back on discretionary purchases or budgeting more for items that have gone up in price. Americans should also make sure they have robust emergency savings to counter increased prices. "It's a great time to invest if you have the appetite for it," Kearns said."Literally just a few dollars a day on the volatility we're seeing can pick up a lot of value if you stay in for the long-term."
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