Consumers spending less as debt ceiling deadline draws near
Americans have already started tightening up on their budgets during the partial government shutdown, but experts say the worst is yet to come.
If congress doesn’t come together to raise the debt ceiling by October 17th, that’s when they say we’ll have big problems.
If a default happens, the average consumer would face higher interest rates, mortgage rates &credit card rates. We would also see impacts on job creation, consumer spending and economic growth.
Experts say to be conservative with your spending and be prepared for the worst case scenario as the battle in congress continues.