For months, economists have worried that we're about to enter a recession. One economist believes it's already here.

But while job losses, lower consumer spending and declining home values are being felt in almost every corner of the country, the effect on local economies has been remarkably uneven.

Mark Zandi, chief economist at Moody's Economy.com, told USA Today that California, Nevada, Arizona, Michigan and Florida have been in a recession since January.

Those five states account for about a quarter of the nation's economic output.

Fifteen states experienced marginal growth in January and are in danger of falling into a recession -- Alaska, Hawaii, Montana, Minnesota, Wisconsin, Illinois, Missouri, Arkansas, Kentucky, Ohio, Virginia, Georgia, Connecticut, Rhode Island and Maine.

The remaining 30 states appeared to be healthy and growing.

But no matter where you live, now's the time to prepare for a recession and all the financial problems it could bring.

Whether it's paying down credit card debt or cutting back on large purchases, you can protect yourself and your finances.