With as little as a week remaining until the US hits its debt ceiling, the once-unthinkable prospect of a historic federal government default is looming uncomfortably large.
The fallout would be huge and would immediately cascade across the global financial system, with stocks expected to crash, interest rates to soar and the US dollar to plummet in value.
Washington has faced many down-to-the-wire debt standoffs in the past and has always resolved them in the nick of time.
But experts say there are some simple steps people can take now to protect themselves just in case disaster strikes.
Borrowing money
If the US defaults, interest rates on its debts will go up. So would costs for borrowers, and quickly. Rates on car loans, mortgages and credit cards would surge.
One way to soften the blow is to reduce your debt if you can. If you have cash available, consider using it to pay off high-interest balances such as credit cards, while leaving enough of a buffer for personal emergencies.
But if you are planning a major purchase such as a new home, it might be worth locking in interest rates now.
US property website Zillow predicts mortgage interest rates could soar to 8.4 per cent if the US defaults, something that would increase mortgage payments by about 20 per cent a month.
Don't panic or try to time the market
It is an old saying but it has been proven right time and again: "It's not about timing the market, but about time in the market."
If you own investments, they will probably take a considerable hit if the US defaults. The White House has warned that the US stock market could lose 45 per cent in value.
While it is always worth diversifying a portfolio to reduce risk, selling all your stocks might not be wise, as you could miss out on any bounce if the US does avoid a default.
Plus historically, the market has always come back after disastrous events such as the 2008 financial crisis and the Covid-19 pandemic.
Experts advise a portfolio with high-quality investments, not risky ones prone to volatile fluctuation.
In uncertain times, a lot of investors look to gold as a hedge against a default. It is a safe haven and its price generally holds up even during financial shocks. Nice, if you can afford it.
Nothing lasts forever
Financial events always present an opportunity for us to rethink our personal and financial goals.
When do we want to retire? How will we get there? How much money should we have in investments to realise that dream?
Remember, even if the most dire consequences of a default start to appear, US politicians will be working to fix it as quickly as they can.
The US economy is resilient overall, and a return to normality should see a rapid improvement of America's – and the world's – financial fortunes.
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
More from Aya Iskandarani
PSL FINAL
Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
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End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
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Packages which the US Secret Service said contained possible explosive devices were sent to:
- Former first lady Hillary Clinton
- Former US president Barack Obama
- Philanthropist and businessman George Soros
- Former CIA director John Brennan at CNN's New York bureau
- Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
- California Congresswoman Maxine Waters (two devices)
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
