Tidal wave of defaults and evictions looms

Source: Chris Arnold, NPR

Americans are skipping payments on mortgages, auto loans and other bills. Normally, that could mean massive foreclosures, evictions, cars repossessions and people's credit getting destroyed. But much of that has been put on pause. Help from Congress and leniency from lenders have kept impending financial disaster at bay for millions of people. But that may not last for long.

The problem is that these efforts aim to create a financial bridge to the future for people who've lost their income in the pandemic—but the bridge is only half-built. For one thing, the help still isn't reaching many people who need it.

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