The coronavirus is wreaking havoc on household balance sheets that were fragile to begin with.
During the first quarter of 2020, U.S. households accumulated $155 billion in debt, just as the full impact of the business shutdowns and layoffs was starting to take effect.
Surprisingly, despite having elevated levels of concern about paying debt, 3 in 5 people have not asked their lenders for payment relief. In letters sent to banks, Democratic lawmakers, including Senators Elizabeth Warren and Sherrod Brown , urged JP Morgan Chase, Bank of America, Wells Fargo, and other lenders to notify customers of their CARES Act forbearance protections.
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