What happens if the U.S. defaults? How the debt ceiling could impact your money.

Time is running out to reach a deal to avert a historic default on the nation's debt, with Treasury Secretary Janet Yellen warning that the U.S. could run out of money to pay the bills by June 1. On Friday, negotiations broke down between the White House and Republican lawmakers as the sides seemingly hit an impasse.

Breaching the debt ceiling may sound esoteric, but financial experts warn it could hurt Americans financially in a number of ways. Here's what to know.