08/11/2011 05:42 pm ET Updated Oct 11, 2011

The Credit Downgrade: Fewer Splurges, More Stress For Couples

The United States has faced its fair share of economic turmoil in recent years, but we often rely on our nation's reputation of world leadership and long-term stability to get us through the rough patches. Unfortunately, our nation's debt and conflict in Washington resulted in a historic blow to our country's financial status this week.

Though Congress eventually agreed to raise the debt ceiling, it was too little too late for Standard & Poor's. The credit rating company was unimpressed with how the U.S. government was handling its funds. As a result, just this past weekend the S&P downgraded the country's credit rating from an elite AAA to a lesser AA+. Economists can only predict the ripple effects from this historic measure—though wild swings on Wall Street and higher interest rates are likely.

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