As the nation slowly gets back to work over the coming months, millions of Americans will struggle to repay the debts that accumulated while they were jobless. Millions more will plunge into debt and suffer prolonged hardships. Once those unpaid bills become due — whether for rents, mortgages, medical expenses or student loans — these citizens will have to cope with lenders, credit card companies and others, all at the same time.
With 42.6 million Americans suddenly unemployed since mid-March, and expectations that economic hardships will persist for many workers and small business owners, our citizens will soon run severely short on lines of credit. These are the flight attendant next door, the single mom who’s an assistant hotel manager, and your friend who just opened…Read more
