lit fuse on a recession money bomb Source: Shutterstock.

Whether the economy will be hit with a recession is anyone’s guess and beyond anyone’s control. But what credit unions can control is how they prepare for the next economic downturn. Moreover, helping members get ready for a recession (or survive it when it comes) may help solidify relationships with them and perhaps even impress potential members credit unions are trying to attract. And even if an economic slump never comes, all that prep work can strengthen a cooperative’s competitive position.

Though every recession – generally defined as two or more quarters of negative economic growth – is different, they all share the same down trends such as business contractions, job losses, lower wages and less consumer spending, which essentially drives the economy.


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Peter Strozniak

 

Credit Union Times

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