How the debt ceiling impacts your credit card debt

As most Americans are aware our elected officials are currently evaluating a number of plans aimed at getting our nation’s ballooning debt under control while concurrently raising the debt ceiling.

Without raising the debt ceiling, it is predicted that the US could default on its current debt obligations and see its credit rating plummet from AAA to D status. From a consumer’s standpoint that is like seeing your FICO credit score drop from 750 to 500 overnight. In fact, the Federal Reserve is making plans for this possible scenario.

If the US does default, consumers should expect to see higher interest rates on everything from Credit Cards, mortgage notes, and car loans.

If you already find yourself in a situation where you can not meet your credit card obligations or are struggling to do so, give our counselors a call today at 1-877-722-3328 or email us at inquiries@pacificdebt.com.

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