How Strung-Out Are Households with their Debt Service & Financial Obligations as the Miracle of Free-Money Fades?
How Strung-Out Are Households with their Debt Service & Financial Obligations as the Miracle of Free-Money Fades?
Abstract
The pandemic-era policies left households flush with money, allowed them to catch up with past-dues. Delinquency rates, foreclosure rates, third-party collections, and bankruptcies all dropped to record lows. This was topped off by the blistering asset price inflation in stocks, bonds, real estate, cryptos, etc. But all of this is now getting more and less rapidly unwound. The burden of debt payments becomes insurmountable for many households. But this is still the weirdest job market and a very hot market.
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