10 things not to do in a recession

10 things not to do in a recessionBy Sarah ModlockIt's now unofficially official: we are in a recession. There is so much hype, so much information, and yet the way forward is far from clear. While the right thing to do may be different for everyone, there are quite a few wrong turns which could make your financial worries worse right now - and all the more so as we head to a traditionally expensive time of year. Here's 10 ways to make sure the recession doesn't get the better of you.

1. Panic stations

It's not the British way to get over-excited, but even the coolest heads can find it hard to maintain a steady approach to the current turmoil. Whatever you decide to do, don't do it in too much of a hurry. Keeping in touch with latest developments will help you judge how and when to take action. For instance, with the Icelandic banks, there was a small window after one was nationalised and the others were in the spotlight. Those who moved their money out in that fortnight are glad they did. At the other end of the spectrum could be decisions about your home. If you're struggling with mortgage payments, start talking to your lender rather than rushing around for loans to cover your arrears.

10 things not to do in a recession | Yahoo! Finance

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