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What are the consequences of missed payments on consumer debts?

Author

Listed:
  • Jonathan Lanning
  • Jonathan D. Rose

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.

Suggested Citation

  • Jonathan Lanning & Jonathan D. Rose, 2020. "What are the consequences of missed payments on consumer debts?," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue 437, pages 1-8, May.
    • Handle: RePEc:fip:fedhle:92801
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    File URL: https://www.chicagofed.org/~/media/publications/chicago-fed-letter/2020/cfl437-pdf.pdf
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    More about this item

    Keywords

    Consumer debt; alternative credit; auto loans; credit cards; mortgages; student loans; delinquency and default; household finances; household saving and borrowing; household debt;
    All these keywords.

    JEL classification:

    • G50 - Financial Economics - - Household Finance - - - General
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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