With the current economic crisis going on, News Channel 7 tracked down a local economics professor on Tuesday to give us some insight into what the situation means to the Upstate and Western North Carolina.
He says the immediate effects are loans and mortgages will be much more difficult to obtain and those who can get loans will have to pay higher interest rates.
Those about to retire on pension funds like 401ks will not have as much money to retire on and we could also see a rise in unemployment.
For more watch the video above.
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