AICCCA Says Rather Than Worry About a National Recession Answer Four Questions to Determine a Personal Recession




FAIRFAX, VA - February 19, 2008 — The U.S. economists are currently debating whether or not we are headed into or are already in an economic recession, but Association of Independent Consumer Credit Counseling Agencies encourages consumers to worry about the possibility of their own personal recession.

"An economic recession is defined as six months of negative Gross Domestic Product growth," said David Jones, president, Association of Independent Consumer Credit Counseling Agencies. "AICCCA can help you define your own personal financial recession and assist with a course of action to avoid or lessen the impact."

To help, AICCCA offers four questions to determine a personal recession:

In the past three months have you:
1. Saved any portion of your income in a savings or money market account?
2. Decreased your credit card balances?
3. Paid all of your other monthly obligations in full?
4. Contributed to a retirement account?


If you answered no to two or more of the above questions, you may be in a personal recession. Follow the steps below to improve your financial situation and avoid any lasting impact.


• Stop charging additional purchases to your existing credit card balances.
• Create a bare bones budget of necessary expenses including mortgage/rent, transportation, insurance, food and utilities. Use any money left after your bare bones budget to pay down debt and start an emergency savings account. Stick to this budget until you can answer all four questions yes.
• Get help if you cannot meet your basic monthly expenses by making an appointment with a qualified credit counseling agency. You can find an AICCCA member by calling 866-703- TRUST-AICCCA (866-703-8787) or visiting www.aiccca.org.


Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call 866-703-TRUSTAICCCA (866-703-8787) or visit www.aiccca.org.