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The Recession is Over - Now What?
By admin | August 11, 2009
If you’ve been watching (or reading) the news lately, you may have noticed that the recession is now officially over - or is it? Canadian consumers aren’t as quick to run out and spend their hard-earned cash as they once were. In fact, many Canadians have learned some great lessons from the recent recession.
What kinds of lessons? Whether or not you’re one of these (now savvy) consumers, you’ll want to take a look at the following list of things not to do now that the recession has ended.
1. Don’t Scream "Charge It!" - sure, the recession may not be in full-swing any longer, but that doesn’t mean you should start using those credit cards again. If you’ve been hiding your cards, then keep them hidden - if not, it’s time to stash your credit cards in a sock drawer.
2. Saving Lesson Learned - how many of you were left trying desperately to make ends meet when the recession hit? If you were one of the many Canadians that didn’t have a penny saved, now’s the time to start saving. That’s right -save, don’t spend!
3. Why Pay Full Price? What was the first thing that you did when you learned about the recession? If you are like most people, you probably went through your monthly bills looking for ways to save. Well, now that the recession has ended, don’t start to pay full price again. Instead, keep looking for those bargains.
4. Don’t over Indulge - While a caramel latte is ok once in awhile, don’t start buying five dollar coffees simply because you can. Instead of indulging, keep your money in your wallet - you’ll be happy you did this when the next recession comes around!
5. Seek a Private Lender - if the recession is over, then why are banks still not approving loans? It’s safe to say that banks have learned their recession lesson - instead of relying upon a bank for a loan, consider a private car title loan. These loans are easy, quick, reliable, and you don’t have to worry about waiting for a bank to approve your loan application.
If there’s anything to be learned from the former recession, it’s that saving your money really does matter. Also, keep in mind that an economist’s recession ending reasoning is one thing, while the Canadian reality is quite another.
While the numbers may look promising for Canada, consumers are still struggling. Home loans and car loans are still impossible to get, and money is still tight for a lot of Canadian consumers. Do you think that the recession is really over? If not, hold tight to your purse strings.
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