The Impending Debt Ceiling Crisis and Its Potential Consequences.

The Consumer Financial Protection Bureau (CFPB) has warned that every American family should be concerned about the debt ceiling, as a default could cause borrowing costs to spike, including credit card, car loans, and mortgage rates. The CFPB is looking into the impact a default would have on households, and some economists have warned of mass layoffs if the government defaulted. The White House has estimated that more than 8 million jobs would be wiped out if there is a protracted default. Moody’s Analytics has increased its probability of a breach of the debt ceiling to 10%, up from 5% previously.