What is a global recession?
Due to the tight connection between major economies of the world, economic problems spread quickly globally. If economic problems are large enough to bring down major countries’ gross domestic product (GDP), it results in a global recession.
The leading indicator of where we are going economically is the world’s financial markets, like our stock market. The market, if you have not noticed, is all over the place.
Two actions to take in credit immediately:
- Collect all dollars that you have been carrying for the past 1-2 years of covid. You are not alone in this, almost every company has been holding this too long.
It is imperative that you place this debt with your outsourced collection agency now while customers have money to pay. Take settlements, let your agency negotiate, then move quickly. If you keep ignoring your aged accounts, you could find yourself out of business and unemployed.
- Cut back on extending credit. We are seeing businesses extend credit every week to phantom companies. Fraud is higher than we have ever seen in our combined 40 years in the credit industry. This kind of information doesn’t hit the news and no charges are filed against such unlawful acts because of the embarrassment it will cause the large companies who are committing them.
Closing the Gap Between Failure and Success