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Dancing on the (debt) ceiling: Will card rates really rise without a deal?

Jeremy Simon

A warning to credit card holders: The U.S. government’s borrowing problems could soon become your borrowing problems.

Right now, in Washington, politicians are fighting over whether to raise the U.S. debt ceiling — which determines the amount of money that the nation can spend on its debt — above $14.3 trillion. If the debt ceiling isn’t increased, the United States won’t have enough money to pay all of its bills. That could result in a default on its financial obligations.

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