[4ofus]

We were planning to buy a new car in 2012, however now that our credit rating (the countries) has been downgraded they are saying interest rates will be bad. So for now we have decided we won't get our new car next year.

[Freebird]

Sorry to hear about that. I didn't know the country got their credit rating downgraded. When did this happen? So this means interest rates on everything will go way up?

[Bella]

Freebird - They downgraded the credit rating the other day due to the fact that the country has too much debt and it isn't being managed well.

4ofus - I heard the same thing about interest rates, but maybe we'll get lucky and it won't be so bad. I'm keeping my fingers crossed.

[flower]

See now I just heard that now is the time to refinance your home mortgage as the interest rates are at an all-time-low. Why would auto loan interest rates go sky high?

I always thought the interest rate depending on your credit score - not on the countries credit score.