A US debt default could spike borrowing costs like credit cards and mortgages, and 'every family should be concerned' says a consumer watchdog

The ongoing US debt ceiling debate should concern everyone, the head of America's top consumer watchdog told CNN last Thursday. That's because borrowing costs on everything — from credit cards to car loans and mortgages could spike if the US defaults on its debt, cautioned Rohit Chopra, the director of the Consumer Financial Protection Bureau, or CFPB. "It's a big worry. Every family should be concerned," Chopra told CNN. The Democrats and Republicans have remained locked in an impasse over raising the country's $31.4 trillion debt ceiling — which means the US could run out of money as early as June 1, Treasury Secretary Janet Yellen warned Kevin McCarthy, the Speaker of the House, last Monday. To continue reading the rest of the article, please click on the source link below: https://www.businessinsider.com/us-debt-default-ceiling-borrowing-costs-credit-card-mortgage-loans-2023-5