The Impending US Debt Default: Why Americans Should Be Worried.

With the deadline for raising the federal debt limit approaching, Americans are advised to prepare for a potential default by tightening their finances, making a budget, and shoring up emergency savings. Personal finance experts advise paying off credit card debts with the highest interest rates as quickly as possible. Investment experts advise those with diversified portfolios who aren't nearing retirement to stay the course and not panic. Americans are also advised to act fast or postpone big purchases, as mortgage rates could reach 8.4% in the event of a default, which would send a chill through a housing market already on ice thanks to the interest rate hikes of the last year.