Debt-limit breach could trigger ‘quick increases’ in credit-card rates: CFPB – Tradejee News

Rohit Chopra, director of the Consumer Financial Protection Bureau, said Thursday that a failure to raise the debt ceiling could lead to consumers paying higher rates on credit card, auto and home loans.

“There’s less attention sometimes on how it affects the individual family,” Chopra said in an interview on CNBC. “There’s some projection it could lead to job losses, other turmoil, but we could also see some very quick increases in the rates to borrow on a credit card, on an auto loan or mortgage.”