3 ways to protect your money if the U.S. defaults on its debt

Preschool teacher Jaqueline Benitez depends on California's Supplemental Nutrition Assistance Program (SNAP) to help pay for food. If the debt ceiling isn't raised, SNAP and other federal payments would be delayed. (AP Photo/Allison Dinner) (Allison Dinner/AP)

If the U.S. defaults on its debt, the fallout could be huge for Americans.

And not just for retirees who may not get Social Security payments on time, or military veterans who may have trouble accessing benefits, or federal employees and contractors who may see a lag in payments owed to them. The cost of borrowing money would soar, making it harder for everyone to buy homes, cars, or pay off credit card debts.