Published: Oct 15, 2013 10:45 PM EDT
Updated: Oct 15, 2013 11:46 PM EDT

FORT MYERS, FL.--WINK News is investigating the impact of the debt ceiling crisis on your money.

Thursday is the deadline for Congress to raise our nations debt limit which stands at $16.7 trillion.

"We have a problem. We need to address it," said investor Mary Schenkenfelder.

If Congress does not make a deal to raise the debt limit by Thursday, FGCU professor, Dr. Peter Bergerson, says, "There is going to be a whole array of consequences."

Dr. Bergerson says if the U.S. goes days without raising the debt ceiling the effects would be minimal.
But if it lasts for weeks or months, Dr. Bergerson says expect higher interest rates.

"Things like credit cards, auto loans, and home mortgages," said Bergerson.

What about your investments like 401k's bonds and other stocks?
Financial planner, Todd Macke, says if you have retirement accounts and aren't planning to collect that money for many years, you probably shouldn't worry.
But if your retirement is coming soon and the nation can't pay its bills for weeks or months, you could have a problem.
"Stocks, and government bonds. Most assets drop in value because of fear of uncertainty," said Macke.

Macke also says even some money market accounts could take a blow.

"A number of the money market funds hold a great deal of U.S. short term securities," said Macke.