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South Central MN | Just from an economic standpoint a default will have consequences, sure the stock market is going to be crazy for a bit and some things will be in uncharted territory, but also seen said that it may be the wakeup call that everyone, not just governments, needs for them to understand that borrowing money like it never has to be paid back is not a good thing in the long run.
A lot of corporations have done the same thing and just borrowed well past what they can repay in a reasonable timeframe, and a lot of ordinary consumers piling up the credit card debt too.
The part that would probably worry many here is that interest rates could shoot up very high in such a case depending on how much someone has borrowed. | |
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