Many wonder how U.S. credit rating downgrade will affect personal loans

Many wonder how U.S. credit rating downgrade will affect personal loans  America's credit rating has been a major topic of discussion as the nation narrowly avoided debt ceiling calamity and Standard and Poor (S&P) just downgraded the rating from AAA to AA+. The credit agency believes that the government has displayed weakness – in terms of the effectiveness, stability and predictability of the policymaking – during a period when it should have been stronger to combat the economic difficulties of the time.

On most U.S. citizen's minds is how the lower rating will affect them directly, and it's likely that the effects will trickle down to the consumer level, according to The International Business Times. People who are thinking about buying cars may want to apply soon to lock in low car loan interest rates while they are still available.

"The Federal Reserve is going to do everything it can to keep interest rates low, and it has more influence than Standard and Poor's," Bill Driscoll, the owner of a financial planning firm in Massachusetts, told the Boston Globe.

He also told the news source that the effect of the rating on the consumer will remain unclear until the congressional budget committee makes a few key decisions. If the wrong choices are made, the U.S. credit rating could drop further.