Avoid risky business investments
If you are a business owner and are thinking of taking out a loan to improve your business in some way, this may not be the best time to do it. Interest rates are usually very low during a recession, so it can seem appealing to invest in growing your business but think twice before you do it.
Your business may slow down — as businesses tend to do during recession — and you may find yourself unable to pay your monthly installments on time. Considering the COVID-19 lockdowns, we also might see the country cease business activity across the board, perhaps for months once again. Now is not the time to carry unnecessary new debt.
