Moody's on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase , Bank of America and Wells Fargo , after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt.

The downgrade of the U.S. sovereign credit rating Friday will likely mean higher borrowing costs on mortgages.

No one likes seeing their credit rating drop, as it’s indicative of a number of issues (poor budgeting, overspending, borrowing more than one can pay) and it increases one’s financial consequences (it’s harder to be approved for things like apartment rentals,