What Are the Consequences of Missed Payments on Consumer Debts?

Jonathan Lanning and Jonathan Rose

Chicago Fed Letter, 2020, issue 437

Abstract: In order to understand better how the unfolding economic crisis is likely to affect U.S. households, this Chicago Fed Letter looks at what happens when borrowers miss debt payments and how long it takes for them to face a severe adverse consequence, such as foreclosure, wage garnishment, or repossession.

Keywords: consumer debts; Payments; Coronavirus Aid Relief and Economic Security (CARES) Act; Covid-19 (search for similar items in EconPapers)
Date: 2020
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