Newsletter
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 debt; alternative credit; auto loans; credit cards; mortgages; student loans; delinquency and default; household finances; household saving and borrowing; household debt;
Access Documents
File(s):
File format is application/pdf
https://www.chicagofed.org/~/media/publications/chicago-fed-letter/2020/cfl437-pdf.pdf
Description: full text
Authors
Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Chicago Fed Letter
Publication Date: 2020-05-11
Issue: 437
Pages: 8