A US debt default could spike borrowing costs like credit cards and mortgages, and 'every family should be concerned' says a consumer watchdog
Treasury Secretary Janet Yellen warned Kevin McCarthy, the Speaker of the House, last Monday.
The federal government relies on debt — raised from selling bonds — for its spending. The US debt serves as a key benchmark for different types of credit, and hence, a default could have a domino effect on the domestic and global economy. "If global investors do not think that is completely safe, all of us will end up paying for it," Chopra told CNN, referring to the US government debt. "A lot of things we assume are part of our financial fabric would get ripped away," he added.
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