How the US Credit Downgrade Could Hurt You MintLife Blog (blog)
Well, it happened. Late Friday afternoon Standard & Poor’s downgraded the credit rating of the United Stated of America from AAA to AA+. The reason they gave was a combination of political dysfunction when dealing with the debt ceiling issue and the fact that we’re going to continue to get deeper into debt and don’t have a responsible fiscal plan vis-à-vis debt reduction.
The talk of the U.S potentially defaulting on its debt had been the story de jour for almost five weeks. And regardless of your political affiliation we all have one thing in common…nobody really wanted to see the impact of a default. Defaulting on debt, regardless of the type, means one thing…elevated credit risk. And elevated credit risk always equates to higher interest rates. And while we thankfully avoided default, all is not well.
One of the problems with the recent coverage of the debt ceiling issue is that it focused so much on the political players involved with the debate and not enough on the trickle down impact to Joe Six-Pack. Many of us were buried with terms like AAA rating, Treasury-bills, and Rating Agencies. But what does it all mean to you…and me?
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