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Transcript: John Schoen takes your questions about the debt ceiling debate

July 21, 2011 at 3:47 PM ET

On Thursday, msnbc.com Senior Producer John Schoen took your questions on the debt ceiling impasse going on in D.C. A sample question, followed by the full transcript, is below.

Carrie: If they don't cut a deal, would it raise credit card rates?

John Schoen: Yes, though it’s not clear just how much rates would go up. Investors would want a higher return to buy US debt because it would be riskier to hold. Those higher rates raise the cost of all forms of borrowing, including credit cards, mortgages car loans etc.

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