As the coronavirus pandemic deepens, millions of Americans are skipping their credit card payments. In response, banks and other lenders are preparing for further economic fallout.
According to an April 2020 study by the credit reporting agency TransUnion, 61% of U.S. consumers have been financially impacted by the global health crisis. The average affected consumer anticipates that he or she is just a little over 6 weeks away from not being able to pay bills or loans.
The federal and numerous state governments have taken steps to support those who have lost their jobs or are earning less during the pandemic and many companies are also offering help to those who are struggling financially.