Navigating the Impending Recession: Tips for Protecting Your Finances.

Many Americans are already feeling the effects of a potential recession, with rising prices and borrowing costs, job losses, and credit card debt on the rise. A recent poll found that almost half of respondents believed the nation was already in a recession, with those in households earning under $50,000 annually more likely to say they had not yet begun to make preparations. Social program cutbacks and inflation are squeezing the most vulnerable populations, with increased concern over proposed cuts to non-defense spending on Capitol Hill and the looming battle over the debt limit. While there is consensus among experts that the country is not currently experiencing a recession, there is a downturn on the horizon.