As financial experts continue to debate the merits of the recent US debt ceiling increase, consumers may be wondering how the averted national default would have affected them. For instance, it could have led to rising interest rates for student and auto loans as well as mortgages. In such circumstances, financial advisors recommend that consumers not panic, CNNMoney reports.
"Selling into fear is never a good strategy," Armen Guleserian, a certified financial planner based in Westwood, California, said in an interview with the website.
Seconding Guleserian's counsel was Jason Washo, a financial planner from from Scottsdale, Arizona, who also told the source that the chances of the U.S. defaulting earlier this year was "nonexistent."
But even though the debt ceiling was ultimately raised and national default avoided, the credit rating agency Standard and Poor's still downgraded the country's AAA bond rating to AA+.
Consumers, meanwhile, remain concerned regarding their personal creditworthiness, and those who are saddled with bad credit ratings may find other, more immediate reasons to panic. Regardless, a poor credit score may result from unfair or inaccurate credit reporting, and a credit repair company may be able to identify such marks, putting the consumer's financial record back on track.