If you’ve watched a news program or visited a news website in the past few days then you’ve seen plenty of stories about the debt ceiling. If you’re like me, you’ve probably wondered “but what does it mean for me?”
This CNN video helps answer that question by providing examples of how a U.S. debt default could affect everyday consumers. People receiving money from the government (employees, Social Security recipients, the military) could have their payments delayed, homeowners shopping for a mortgage could face higher interest rates thus delaying the housing recovery and the price of goods and services could go up.
The government has a few weeks left to reach an agreement before all of these possibilities could become a reality.