Economists expect 2009 to be just as difficult as this year was, at least in the short term, according to recent reports.

This week, several economists told the Associated Press that signs of economic growth should slowly start to appear in the third quarter of 2009 - but before that, they're predicting the gross domestic product will shrink by four percent in the first quarter of the year.

"It's a struggle to say there is an upbeat outlook. We would not call the forecast for 2009 optimistic," Richard DeKaser of National City Corp. told the AP.

According to the report, at least 33 state economies are currently in recession, and unemployment could easily hit nine percent before things start getting better.

In a separate report, the Chicago Sun Times interviewed four prominent retail analysts who predicted that the beginning of 2009 could see up to 40 retail chains fail, along with up to 12,000 store closings.

In the current climate, many consumers are justifiably worried about their jobs and personal finances. With that in mind, sound debt management and fiscal discipline are more important than ever in the current climate.

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