Should there be a recession, here's how it may affect your finances and what steps you can take to protect yourself.
Those questions are looming large for Americans after the Federal Reserve yet again raised rates to combat high inflation, and the latest gross domestic product report showed that the economy slowed for the second quarter in a row. But at the same time, the job and housing markets are still going strong, though they've cooled a bit.
If a recession hits, layoffs are likely to be higher and more widespread. And employers may pull back on hiring. But after two years of double-digit price growth and wild bidding wars, the home sales are slowly starting to revert to a more normal pace thanks to rising mortgage rates, which make homes less affordable for buyers.
Latest Headlines Least expensive metros to buy a home Ways to buffer yourself nowWhile you can't control the economic cycle, you can take some steps to mitigate the potential negative effects a recession might have on you. And if you own your home, consider getting a home equity line of credit before rates rise again, since it can help supplement your emergency reserves so long as you can resist tapping it for anything else, Lima said.
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