ARTICLE SOURCE: June 2019, Volume 45, Issue 6
Have a plan and be prepared for the next economic downturn.
With the economy on track to become the largest economic expansion in U.S. history, many wonder how long this run can continue. I’m reminded of the expression, “Red skies in morning, sailors take warning.” Like these navigators of old, we see signs of rising rates, higher debt levels, and questionable consumer confidence, and we “take warning.” As a credit union professional who has weathered a few economic downturns, the best advice I can give is to prepare now and create a plan to respond to a slowing economy. When planning, consider three perspectives: the member, the credit union, and the community. The best strategies align with all three perspectives in good times or challenging ones.
To learn more about the three key steps continue>>