Thanks to overzealous hiring during the start of the covid pandemic, the technology industry started off the new year with record numbers of job layoffs. Companies like Google (GOOG), Amazon (AMZN), Meta Platforms (META), and Microsoft (MSFT) have all let record numbers of people go.
Finance expert and television pundit Suze Orman took to her Twitter to share her thoughts about the economic climate and a tip for those concerned about the future.
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"The last thing you want hanging over your head if a recession causes a layoff in your household is a costly credit card balance," she wrote. "Scour your spending to find ways you can reduce your costs so you have more to put toward paying down high rate."
The statement aligns with the topic of Orman's most recent blog post about protecting finances in the wake of the recent Silicon Valley Bank collapse. In the post, Orman lines out some tips on "play defense" with your money. Paying down credit card debt is one of the four pillar tips the financial guru gives to help you prepare for the future.
"The past 15 months have been an ongoing lesson in why protecting your money should always be a central piece of your financial strategy," she writes. "We had a bear market in stocks and an unprecedented bear market in bonds in 2022. The failure of Silicon Valley Bank last month has set off a global financial scare that is still playing out as I write this in late March."
