By Craig Andresen
On Friday, August 5th 2011, for the first time in history, the United States credit rating was downgraded. This unprecedented event will have political ripples as well as consumer ripples. This IS a serious event and the current administration KNOWS it despite their actions.
Before we get to the dodge and weave being suggested by many pundits, in regard to how Obama should react to this news, we should look at what this means to the average American consumer.
If you have a mortgage, a car loan, or you’re thinking of such in the near future, expect to pay a higher interest rate. Those who have a locked in mortgage are safe in that regard but those with variable rate mortgages, will find their interest rates going up.