“The US government just hit its $31.4 trillion debt ceiling — triggering fears of a nasty fallout for Americans…”
January 20, 2023
“The U.S. officially hit its $31.4 trillion debt ceiling on Thursday – launching a ticking time bomb toward a potentially “calamitous” debt default. Unable to break the political deadlock in Congress, the Treasury will now take “extraordinary measures” to ensure the government can pay its bills…
Credit card interest rates, as well as other interest-bearing loans like mortgages and auto loans, are tied to the health of the U.S. economy – which is facing dire straits in this debt default debacle…
When the fed funds rate goes up, the prime rate – the interest rate banks lend to customers with good credit – also increases. This means borrowers must pay higher interest rates on their credit card balances. Mortgages could also become more expensive for American families…”
https://finance.yahoo.com/news/us-government-just-hit-31-190000536.html