United States Lifetime Transfer Cards

How the National Debt Affects You

And the figures are more alarming. This tab is $ 14 trillion is growing at an astonishing rate of more than $ 58 000 per second. "It's really great we're talking 9, 10 percent of GDP," said Richard Dekaser, deputy chief economist of the Parthenon Group, Boston, Massachusetts, a financial services firm. "We have not seen anything like this in people's lives. For most people, this is unprecedented."

[See the 10 ways of planning tax increases and spending cuts.]

When used government maxing credit cards has finally come home?Here are some ways you could feel the effects of binge borrowing from Uncle Sam:

interest rates higher. low interest rates over the last few years have worked for the federal benefit, but experts say the luxury of smaller interest payments will not last forever. America relies on foreign investment to finance more than 50 percent of its debt, and while most experts agree that investors continue to buy U.S. Treasury bonds, it is unlikely to do so on terms as generous .

"At some point, it can be much more difficult to finance our debt," said Lynn Reaser, chief economist at Point Loma Nazarene University's Fermanian Business and Economic Institute. "Accordingly, we would see a cost or market and that would mean interest rate is higher or lower dollar, or a combination of both. The potential for future growth could be less, and you could see a slowdown growth in living standards, or even a decline. "

[See How to know when the debt crisis became serious.]

Consumers will also be affected. Interest rates on U.S.Treasury bonds serve as a benchmark for many consumer loan products, including mortgages, auto loans, credit cards and student loans. As interest rates inch to attract investors in Treasury bonds, so rates will be for consumers.

And just in case you think the Fed can intervene and keep the rate of indeterminate length, finance professor Reena Aggarwal Georgetown says this is not the case. "At some point, the Fed can not really control interest rates," she said. "The market is not stupid. The market sees [that] interest rates eventually rise."

Slower economic growth, labor markets lower.If interest rates rise, a greater portion of government budget will be spent on interest payments, leaving less money for other, more economically stimulate the types of expenses, such as building roads or providing tax incentives for small businesses.

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