Savings Accounts and Money Market Rates provided by 28 July 2011 The August 2 deadline for the U.S. federal debt crisis, when the government must pay its debts or default, is fast approaching. American consumers are monitoring the process and preparing for potential effects on their personal finances, according to the Boston Globe.
Unlike the national financial crisis of 2008, the major markets on Wall Street have not shown extreme strain in the face of this issue. However, the Globe reports that this is not necessarily a sign that the new crisis is less serious, noting that stock prices fell noticeably yesterday, July 27.
The likely consequences of an August 2 default will be damage to the retirement accounts and investments of American consumers due to the devaluation of U.S. Read the full post