How the debt ceiling debate could affect you - WLOX.com - The News for South Mississippi

How the debt ceiling debate could affect you

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Yvonne Messer reviews information on the debt debate's impact on financial markets. Yvonne Messer reviews information on the debt debate's impact on financial markets.
MONTGOMERY, AL (WSFA) -

No matter what happens in Congress, one thing is for sure, people are watching how the economy reacts.

But even with Congress' instability, financial advisors believe the market will adjust.

Montgomery Financial Advisor Yvonne Messer isn't overly worried about the economy right now.

"You can't let fear control you. You can't let the markets control you."

That's because she and others are confident "Congress will get their act together."

She says because Congress routinely waits until the last minute to make large financial decisions, the market isn't surprised by it anymore.

However, "there will be some time where it doesn't work out like that and you will see a violent reaction," she says.

Messer believes if Congress doesn't come to an agreement "interest rates would go up which means the cost of borrowing for you and me would go up."

Not only that, retirement savings for older individuals could take a hit.

"It takes a while to get that money back," she says.

Messer suggests everyone should keep cash in savings accounts--something they can access immediately, if need be.

"You want to try and have emergency money so that in case something like this were to happen you can go on."

Messer believes many families are simply focusing on themselves right now--to put food on the table and pay bills.  That means they're less concerned with Congress and aren't reacting to the political instability.

Copyright 2013  WSFA 12 News.  All rights reserved.

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