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Do not lose sight of your future when it comes to your money.
He continued, However, it is better to be cautious in times like these.
This should ensure you are grounded and do not go through tough times when sources of income become unpredictable.
Failing To Recognize Interest Rate Changes
During times of economic turmoil, interest rates can change.
Central banks usually adjust interest rates during recessions leading to fluctuations that affect savings and loan repayments directly.
Therefore, one of the mistakes that people make is not paying attention to these changes, Garcia said.
Taking the initiative regarding interest rates can save you a lot in the long run.
If you have automatic payments turned off, consider turning them back on again.
In case of missing a payment, contact your creditor immediately.
Many are willing to work with customers during tough times.
Do not be timid about reaching out because usually they can help you.
When things are going well, you may view your bank simply as a service provider, Garcia said.
However, during an economic recession, having a strong bond with your bank is priceless.
If you have not done this yet, do it now.
Its definitely something to look into.
In this case, approach your bank so as to find out the options available, advised Garcia.
Many institutions are more flexible than they appear, especially in a time of economic downturn.
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