Friday, October 4, 2013

The REAL Damage of the Gov't Shutdown - Destroyed Credit

While members of congress are attempting to put their spin on the government shutdown, 800,000 federal workers are furloughed without pay, meals-on-wheel won’t be there for people in need, head-start programs will no longer teach and supervise the children of single working women who may have to quit their jobs. And, this is only a partial list.

Many tea party members in congress think it’s a good idea to shut down the government. With a member of the House of Representatives making $174,000 per year, and half of them being millionaires already, they can’t seem to relate to the damage their action cause everyday Americans.

The longer the shutdown continues the damage increases exponentially. Some extreme members of congress refuse to say whether federal employees would get back pay after the shutdown is over. But, even IF everyone is paid retroactively, the REAL damage will have been done and have a long lasting effect.

If this shutdown goes on for over a month, most workers who live paycheck-to-paycheck will start missing payments on their credit accounts and mortgages. Anyone with great credit can see their credit standing drop 100 points or more for missing a single payment. They may very well go from prime to sub-prime borrowers overnight. More damaging, it will take 4 to 7 years for their credit scores to recover.

1.       These hard working Americans will now have the “privilege” of paying 14 – 18% for their car loans.
2.       Their credit card rates will go up to 22% to 29% or more for the foreseeable future.
3.       Many will be denied for a mortgage loan.

It is one thing to stand on ones principles; it is another to destroy the lives of Americans who can least afford it. I seriously doubt if Congress has thought of the REAL damage being done to the credit and the quality of life of the people of the country. Oh well, they still have their salary.

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