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.FRB Chicago
What Are the Consequences of Missed Payments on Consumer Debts?
Jonathan Lanning, Senior Policy Economist, and Jonathan Rose, Policy Advisor
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