What credit downgrade means

Wednesday, August 10, 2011 - 7:57am

Markets are still reacting to last week's credit downgrade by the S&P.

Investors say it shouldn't impact individuals and families in the short term.  But over time, everything from credit cards to home loans, student loans, and everything that uses credit could be impacted.

We're told people with lower credit will see more effects than people with higher credit scores.

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