Another Recession Is On The Way

“A European sovereign debt default may well sink the United States back into recession,” wrote Travis Berge, Early Elias and Oscar Jorda in the latest San Francisco Fed Economic Letter. In fact, the report states it as being a 50% likelihood. That should therefore be considered a near certainty coming from this source. The European financial market is headed for a turbulent down slide, deeper than what they are experiencing now, and it will affect the good ole USA.

However, small business owners do not need a report to tell us what we already know, nor do we have to wait for Europe to crash to feel the effects on our economy. It is bad and it is going to get worse.

Small business owners are on the bottom of the business ladder, the foundation where it all begins. We are dealing with all the unemployed and retired, those deep in fear who cannot afford medical insurance or necessary treatments, who have lost their homes and are working at keeping businesses afloat within this market dynamic.

You must stop waiting for the return of the go-go years and must prepare for the worst – another recession, deeper decline. The preparation requires debt workout as debt will kill any business when revenues decline. It must be done. There are no questions or issues, it simply must be done. Debt workout is a fundamental necessity in a declining economy as debt previously taken when revenues were much higher cannot be supported when revenues decline.

To wait is foolhardy. Do your debt workout now.