With only days left until the U.S. default deadline, a mix of angst and anger is setting in at home and abroad. While the world watches, Americans such as you, our readers, most want to know what will happen when the country has defaulted on debt and the meaning that this carries to people’s everyday lives. They also want to know what they can do to prepare.
To help answer some of those questions, let’s start with three basics:
What To Expect After the USA Defaulted On Payment
Here’s what is likely to happen after defaulting:
1. Your Investments
Experts on both sides of the aisle urge investors not to make drastic changes. Instead, focus on having enough cash on hand in case of an emergency. “If you’ve got money in stocks that you need in the next five years, it doesn’t belong there – it never belonged there,” says TODAY’s Financial Editor, Jean Chatsky. “But, if you’re thinking long term, you have time to ride this out.”
2. Your Credit
After the country has defaulted on debt, expect interest rates to shoot upward across the board for consumers, meaning that all kinds of borrowing, including credit cards, car payments, and mortgages, will be more costly. The best thing you can do for yourself financially at this moment is to pay down or pay off your current high-interest debts because their rates could go up even further after the default.
3. Your Job
Though we’re still coming out of the last recession, unemployment rates remain abnormally high as many companies cautiously ease back into the marketplace. If you’re fortunate enough to be employed currently, you should ensure you stay marketable and employable. If you’re looking for a job, understand that finding one may take a bit longer. In either scenario, American consumers should be stocking up on short-term savings.
Get A Minute Loan Center Loan
As we wait to see what will happen after America has defaulted on payment, it’s best to secure yourself and your household with some cash in hand. Apply for a Minute Loan Center loan and pay it off in small installments. Our repayment terms are favorable to ensure comfortable borrowing without disrupting your budget too much.
Contact us for more information and help applying for a loan. Your little stash of money could save you on a rainy day after America has defaulted on debt, since no one really knows the true meaning this debt could have on our lives. Apply for a loan!
Kevin brings over 15 years of experience in marketing, with a specialized expertise in growing online businesses. As the Director of Marketing at a leading FINtech company, he employs innovative strategies to enhance brand visibility and customer engagement. Kevin’s passion lies at the intersection of technology and finance, where he pioneers solutions that not only meet but exceed consumer expectations. His commitment to leveraging his expertise ensures impactful results and the building of lasting relationships in the digital landscape.
