Nobody likes the sound of it but recession seems to be a fast-approaching reality we need to brace ourselves for. But does your coworker think the talk about a “possible recession” is all speculation and there’s no truth to it?

Well, if that’s the case, experts in economics would like to differ.

According to the widely accepted definition of recession, two back-to-back quarters of negative gross domestic product (GDP) is a telltale sign the country is in recession. Guess what? By that rule, we entered a recession in the summer of 2022.

So if you’re like most Americans worried about what recession would mean for your financial health, read on to learn what economists are predicting for 2023:

Recession Likely To Begin Late 2023 or Early 2024

The US Federal Reserve has increased interest rates to a 14-year high. This is being done in a bid to bring down inflation.

While some economists predict that putting a stop to all anti-inflation efforts too soon can prove to be detrimental to the economy in the long run, many others believe that with a handle on the rising interest rates, the country can expect to enter a full-fledged recession (one that you coworker wouldn’t be so clueless about) late 2023 or early 2024.

How Can Inflation Impact Your Life

Perhaps the gravest impact of inflation on your lifestyle could be it hitting your purchasing power. So if you were planning to buy that luxurious Jacuzzi-style bathtub, maybe you should take a rain check and save the money for a rainy day.

But should you save the money in the form of dollars? Inflation can lower the value of your savings and pensions, so if you want to keep your money protected, consider investing in real estate and gold. These assets have shown to keep up with inflation and can be a hedge against it!

Filing For Bankruptcy Before, During and After Recession

A hard phase iss ahead but the silver lining is that you have time to prepare for it.

So if you’ve been struggling to make those debt payments and need some respite to get back on your feet before the economic downturn next year, we can help.

The experts at Hishaw Law LLC are well-versed in bankruptcy laws in Wyoming and North Carolina. If you’re looking for qualified and experienced bankruptcy lawyers who can guide you through the process of filing for bankruptcy, reach out to us!