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What Are the Consequences of Missed Payments on Consumer Debts?


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;

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Provider: Federal Reserve Bank of Chicago

Part of Series: Chicago Fed Letter

Publication Date: 2020

Issue: 437