What does a recession mean for us?

Janeth
What will this do for me? I am married, own a house, both of us work, and our financial state is that we are paying off about $15K credit card debt. We had hoped to refinance the house next year. How will recession affect us?

Britt
I'm no expert, but as long as you're both secure in your jobs, you should be fine. You're not going to be making less money; in fact a recession in the economy generally means that the value of the dollar increases. Speak to a mortgage broker about the trends in the market as far as interest rates, and reevaluate if refi is something you'd still like to do.

Maryjo
Your real spenadble money will decrease, your debt load will increase, and if you are unlucky, one or both of you will be laid-off.EDIT:As the recession hits, prices on most items will increase, the interest rates on your debts will increase, as will the fees on your mortgage. At the end of the month, your left over funds will be lower. If it's bad enough, you'll actually loose money at the end of the month.

Anabel
Tighten belts.I've lived through about 8-9 recessions, while in business.Curtail descretionary spending, concentrate on paying fixed expenses.They don't last forever but I've noticed out of my experiences, they tend to last longer each time.Hopefully I'm wrong about this.