Millions of Credit-Card Customers Can't Pay Their Bills. Lenders Are Bracing for Impact.
Robert Rodriguez and Migdalia Wharton, a married couple in Orlando, Fla., have been out of work for more than a month and can’t afford to pay their credit-card bills.
When they called Capital One Financial Corp. to explain, the bank told them they could skip their April payments. But they doubt they will have money in May. Ms. Wharton, a school-bus driver, was told she wouldn’t get paid until school reopens. Mr. Rodriguez, a cancer survivor, is worried for his health and has stopped driving for Uber.
“We don’t know what we’re going to do,” Mr. Rodriguez said.
Millions of Americans are skipping their credit-card payments as the coronavirus pandemic puts them out of work. Banks and other lenders that for years relied on heavy consumer spending to create big profits are preparing to struggle alongside their customers.
https://www.msn.com/en-us/news/us/millions-of-credit-card-customers-cant-pay-their-bills-lenders-are-bracing-for-impact/ar-BB13bmMV?li=BBnbcA1&ocid=DELLDHP