Millions of Americans Skip Credit-Card and Car Payments
Millions of people are behind on their credit-card and auto-loan payments, the latest sign of the coronavirus pandemic’s financial devastation.
Lenders in April had nearly 15 million credit cards in “financial hardship” programs, such as deferral programs that let borrowers temporarily stop making payments, according to estimates by credit-reporting firm TransUnion. That accounts for about 3% of the credit-card accounts the company tracks, TransUnion said Wednesday.
Nearly three million auto loans were in these hardship programs, accounting for about 3.5% of those tracked.
The numbers have surged from a year...