COLLIER COUNTY, Fla. - The latest news of the nation's credit score drop may not have everyone in a full panic, but that may be because they're not sure what it means to them personally. WINK News went to people who handle money every day to see what the average person could experience with the latest news out of Wall Street.
"It is impacting everyone's pocketbook at the worst possible time it can," Keith Dameron, branch manager of the Marco Island Iberia Bank, tells us.
Dameron says small business owners may be the first to feel the pain from the nation's downgraded credit score.
"It's possible they're going to be facing higher interest rates tomorrow. Interest rates could go up for those who have lines of credit," he explains.
Many small business owners take out loans to buy equipment and necessities to get started. With interest rates predicted to rise, some of those owners will have to scale back in other forms. Not hiring and letting staff go may be first on the list.
Financial Advisor, Gary Price says the latest news affects everybody, regardless of financial status.
"The people who have money just don't want to loose any money, the people that have little money are just trying to protect what they have."
His concerns are less over interest rates, and more directed towards the question if people will even be willing to spend.
"People probably aren't going to buy a house, they're not going to buy a car, because they're not sure what tomorrow will bring."
Although some may not agree with the S&P's move, many say it highlights a problem that existed and, now can not be ignored.