Avoid taking on new debt
When good times are rolling, taking a car loan, student loan or home loan can seem like a good idea. You are making enough money to cover the monthly payments without effort and all is good.
But that’s not the case when the economy takes a turn for the worse. You may end up losing your job and could have to rely on your savings. If you are thinking of taking a new loan, consider the financial implications that could bring. The worse-case scenario includes going bankrupt.
