Vision Credit Education, Inc.

Once economic date confirms that the American economy contracted in the fourth quarter, recession will be confirmed in the US. Japan has already confirmed a recession in their country. The UK is expecting up to a 1.7% contraction in economic activity as well as 3 million jobless claims in 2009. Are you ready for the tough times to come?

We are not trying to spread gloom and doom. We are not attempting to scare you with frightening economic data.

What we are intending is that you protect your family and your assets by planning ahead. Our country has some tough times ahead of us. This recession may at best be similar to what we experienced in the late 1970s, something this author was not old enough to remember.

Layoff figures have been startling in the last half of 2008, which included both financial firm employees and losses associated with manufacturing. The first half of 2008 was dominated by drops in employment levels of mortgage lenders and brokers.

Now we are facing tremendous losses in automobile manufacturers and the individual companies that supply the Big 3 of Detroit. Additional manufacturing job losses are being announced in startling numbers.

If your job security is unknown, you may want to take steps to protedt your streams of employment. Make sure that your resume is up to date and ready for distribution. If you feel a layoff is eminent, then listing your resume with headhunters and job search websites could be an option.

Paying off debts and putting more in savings should be a major priority. Cutting back on unnecessary expenses should also be factored in.

A recession is scary. Many heads of households find out they cannot support their families financially as they had before. Tens of thousands of college students enter an unfamiliar workforce with fewer jobs than before. At the same time, seniors will delay retirement due to losses in their portfolio.

We do not know how bad this recession will be, nor how long it will last. No one knows. What we do know is that the warning signs are here, and the repercussions will be widely felt. Prepare for a deep and lasting recession. If we experience anything less, we can all consider ourselves fortunate.