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Providing information, insights and analysis for the Finance community.

4 negative impacts of economic recession

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When the GDP per national output falls, it causes a recession. It has a lot of negative impacts on the economy of a country. The level of impact depends on how long the recession period lasts for. Here are the major negative consequences of the economic recession.

Unemployment

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If the GDP of a country falls, it will lead to unemployment. The main reason is that some firms will go bankrupt and so everyone in that firm will lose jobs. Those firms which survive the period of recession will go for job cuts and stop hiring new people. The young generation gets most affected by increased rate of unemployment.

Lower salary

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During a recession, the firms tend to keep their costs down. By giving lower salaries to employees, they can control their costs. Some workers, especially the temporary workers, may even experience wage cuts. Other workers may have their hours of employment cut. So, eventually, they will receive fewer wages too. The firm may ask permanent employees to become part-timers.

Taxation

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The tax revenue will fall due to a recession. Companies will make less profit so that the government will get low corporation tax as well. As workers will have less income, the government will receive less income tax also. The house prices will be lower, so less housing transaction will take place and there will be lower stamp duty. There will be less expenditure and so the VAT payments will also be less.

Budget deficit

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As tax revenues will fall and the welfare payments will rise, there will eventually be a budget deficit and the government will be in debt. This will be very bad for the economy of the country.

Recession affects both individual lives and the economy of the country as a whole. The government should forecast situations that may lead to recession and take necessary steps to overcome it. Otherwise, the entire economy of the country will suffer.

Top 5 reasons for hiring a credit repair service

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A good credit history is essential for every aspect of our lives. A bad credit report can negatively impact our credit cards, insurance rates, car loans, mortgages and even our job. So, for any reason, if you have a bad credit report you need to fix it immediately. Though you can fix it yourself, it is highly recommended that you hire an expert for the job. Here are five reasons why.

1. Expert knowledge

A professional credit repair service knows the laws regarding the credit industry. They have detailed knowledge about the credit repair process. It is not possible for a normal person to have knowledge of all these laws. So, they may make mistakes in dealing with their credit reports.

2. Identity theft

The crime rate is increasing everywhere. If someone steals your identity, they can cause a lot of damage. It is important to get back to the normal stage. But this process may be complicated. If you hire a professional credit repair company, then you will get faster results.

3. Overcome errors

Many credit reports contain errors. By hiring a professional credit service, you will be able to find out if there is any inaccurate information on your credit report that is affecting your credit score. This will help you to fix your credit report.

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4. The process is very lengthy

The process of fixing your credit history is very lengthy. There may be many loopholes which you may not understand or identify. By hiring a professional credit service, you can make the process faster. They will also keep on encouraging you all the time to be patient so that you don’t give up in the middle of the process.

5. They have no emotional attachment

Financial matters and legal issues are emotional. You can easily get frustrated and discouraged when anything goes wrong regarding these matters. A professional credit service doesn’t have any emotional attachment with your financial or legal problems. So, they will be able to deal with your credit report in a better way.

Professional credit services have helped many consumers to get back to their normal life by improving their credit history. If you ever have a bad credit report, you should take help from a professional credit service.

4 benefits of banning Rs. 500 and Rs. 1000 notes in India

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Recently, the Rs. 500 and Rs. 1000 notes in India have been banned. This has created a mixed response among people. Here are the benefits that this decision will bring to the Indian economy.

Black money holders will be under strict observation

This ban on the notes will make it possible to observe the actions of the black money holders. They have to go to the banks to exchange their money and get the new notes. This way they will be under the radar of the government. Otherwise, they need to forget about the money.

Getting rid of fake notes

It was reported that Rs. 16.50 Lakh crore of fake notes were spread in the country. Every year, Rs. 70 crores of fake notes are put into the system. Only one-third of this amount can be detected by the law enforcement authorities. 90% of these notes comprise of Rs. 500 and Rs. 1000 notes.

Increase in national security

Lots of money is used in funding terrorism. It is a direct threat to the national security. Terrorist activities, arms smuggling, etc. will be reduced. So, the country will be more secure.

Reduce crime rate

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The black money and fake currencies are used by the underworld. It is used for abduction and killing. So, by reducing access to the black money these crime rates will be reduced.

Though many people are finding it difficult to deal with the present situation, it is hoped that this decision will bring positive changes in the economy of the country.