/biz/ - Business & Finance

>The late-March spike in unemployment stands to drive more than $1.1 trillion in debt delinquency across credit card, mortgage, and auto loans, UBS strategists said Monday.
>The bank's consumer credit health gauge hit its worst reading since late 2009 in the first quarter due to the jump in joblessness and weakening economic sentiment.
>The sharp increase in jobless claims suggests $950 billion in mortgage debt will reach delinquency in 2020, the firm said.
>Up to $110 billion in credit card payments and $60 billion worth of auto debt can also run late should the unemployment rate reach UBS's 12.6% estimate.
OHHHHHHH NO NO NO NO NO NO NO NO NO NO NO!

https://markets.businessinsider.com/news/stocks/housing-market-debt-delinquency-could-near-trillion-credit-crunch-coronavirus-2020-4-1029072964