In 2018, it was revealed that more than one in seven Americans were at least three months late on their auto loan payments. Surmounting signs of a potential impending recession may indicate what’s to come. In big-picture terms, the economy moves in cycles and phases that are just predictable enough for us to understand that what goes up eventually must come down. Yet, even in a down economy, there are still businesses and entire industries that survive – but how?
The Great Recession of 2007, resulting from the collapse of the subprime mortgage bubble finally bursting, it was consumer spending that helped the economy recover. No matter the economic situation, consumers are still buying things, albeit a bit more carefully. When money is tight and we’re are sticking to budgets, there are certain necessities that always make it onto the list and some of them may surprise you. Food, shelter, and other physical needs are a given, but what else is counted among the essentials?