TAMPA, Fla. — At one point or another, you’ve likely heard something about the current debt ceiling crisis. Financial experts are sharing more on what you should consider right now.
ABC Action News asked people in Tampa what they know about the situation.
"I don't know a lot about it,” said Damilola Omoboni.
"We are concerned, but it's something that we don't have control of it,” said Emilia Correa.
"The debt ceiling is absolutely ridiculous right now, and our kids and our grandkids can't support that in the future anymore,” said Sue Coker.
When people brought their concerns to ABC Action News over the potential ripple effects to Social Security and veterans’ benefits, we reached out for answers.
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The VA said because there’s no precedent for a default, it’s hard to know the exact impacts on specific federal programs.
"The detriment could be pretty substantial,” said Celine Pastore, a financial advisor with SimplePath Retirement. “I mean, you're talking about not only the markets, the stock markets having a very bad reaction, but people that are relying on those checks, they just don't arrive."
At the end of the day, financial experts said it’s tough to tell exactly what the impacts will be, though there are questions about how it could affect Social Security and veteran’s benefits, as well as interest rates and your 401(k).
Even so, Dave Duquette, a financial advisor and founder of Impact Wealth Advisors, said don’t press the panic button.
"Investors, people in the accumulation phase of their life while they're building wealth in their working years, you should never be overwhelmed by any one news event that's taking place because we would be constantly overwhelmed about what's going to happen next,” said Duquette.
Duquette said hopefully, people have addressed the risk of their portfolios in any given market condition.
Still, some people feel confident leaders will find a resolution soon.
"I know nothing's going to come to a halt. It never has,” said Coker.
"I don't think that our representatives are just going to let it happen, but it is concerning to see that it's gotten to this point, honestly,” said Omoboni.
