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Higher Interest Rates for All - There has been a lot of talk and back and forth between lawmakers about the potentially catastrophic consequences if the nation’s debt limit isn’t raised and the U.S. defaults on its debts. But individual Americans also would be impacted in ways they can ill afford. Here are some of the ways their lives would likely be impacted.People who apply for or are currently paying off home and auto loans and credit cards will be hit with higher interest rates. And because those rates are expected to rise significantly, African-Americans will have even less access to loans than they do now.(Photo: REUTERS/Stelios Varias)

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Small Businesses - African-American entrepreneurs have traditionally had a more difficult time accessing capital to start or expand a business. If the U.S. defaults on its debt limit, they will face even greater challenges because the amount of funds available for loans will be reduced. In addition, small businesses tend to hire more minorities but without the necessary capital, they would not be able to create jobs and may even have to cut back.(Photo: Brian Blanco/MCT/Landov)

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Public-Sector Jobs - State and local governments would receive less assistance from the federal government and be forced to tighten their belts even more than they're already struggling to do. The inevitable layoffs that would occur would impact African-Americans more because they tend to work in public-sector jobs at a slightly higher rate than whites.(Photo: REUTERS/Darren Hauck/Landov)

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Entitlements - If the government were to default on its loans it would have to begin prioritizing who gets paid first. Social Security, Medicaid and Medicare beneficiaries could see their benefits cut and military personnel would not be paid.(Photo: AP Photo/Joey Ivansco)

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Unemployment - Higher interest rates means that businesses will borrow and spend less. Individuals also will be spending less, reducing demand for products and services provided by various private firms, which could lead to a significant rise in unemployment.(Photo: AP Photo/Tony Gutierrez)

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College Enrollment - Higher interest rates would trickle down to financial aid loans and grants, making it more difficult for low- and even middle-income students to borrow the funds they need to attend college. In addition, the number of Pell Grants awarded would likely be significantly reduced.(Photo: AP Photo/Robert F. Bukaty)

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Black Homeownership - There has been a serious decline in Black homeownership in the past few years in part due to the ongoing recession but also because of a disproportionate number of foreclosures. A debt limit default could lead to even more foreclosures as African-Americans struggle to hold on to their homes. (Photo: Sacramento Bee/MCT/Landov)

Photo By Sacramento Bee/MCT/Landov

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Affordable Housing - The high rate of foreclosures has made the rental market tighter and more competitive. As a result, it could be more difficult to find affordable rental housing in a market in which landlords can seek the highest offers.(Photo: Justin Sullivan/Getty Images)

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Education - Many cities and states across the nation have already made big cuts at all levels of their public school systems. Given the achievement disparities between African-American and white students, and the critical need to engage minority students in the science, technology, engineering and math fields, a default would exacerbate the achievement level gaps.(Photo: Birmingham News/Landov)

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Nonprofit Organizations - Most nonprofits depend on state, local and federal governments for at least some if not all of their funding. These organizations provide vital services in such areas as health care, education and social services, and recreation programs. They will be very low on the list of payees during a default, so African-American communities could see a reduction in services and the organizations themselves may face layoffs.(Photo: Commercial Appeal/Landov)