RED BANK - Following S&P's downgrade of the nation's debt, many in New Jersey are concerned over what it means for them. Credit card rates, mortgage rates, and retirement funds top the list of worries. Jack Tinari, a financial advisor with CSI Group in Red Bank, tells News 12 New Jersey that consumers with undesirable credit could be hit hard. Retirement funds and mortgages could also be affected by the downgrade.

Mortgage rates haven't been affected yet, but Fannie Mae and Freddie Mac are backed by the U.S. government, so they will likely be affected by the debt downgrade.

Variable-rate mortgages and home equity loans, known as HELOCs, are also likely to increase.