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Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?

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Abstract

In yesterday's post, we studied the expected debt relief from the CARES Act on mortgagors and student debt borrowers. We now turn our attention to the 63 percent of American borrowers who do not have a mortgage or student loan. These borrowers will not directly benefit from the loan forbearance provisions of the CARES Act, although they may be able to receive some types of leniency that many lenders have voluntarily provided. We ask who these borrowers are, by age, geography, race and income, and how does their financial health compare with other borrowers.

Suggested Citation

  • Rajashri Chakrabarti & Andrew F. Haughwout & Donghoon Lee & William Nober & Joelle Scally & Wilbert Van der Klaauw, 2020. "Debt Relief and the CARES Act: Which Borrowers Face the Most Financial Strain?," Liberty Street Economics 20200819, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:88602
    Note: Heterogeneity Series IV: COVID-19 and Credit Market Outcomes
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    More about this item

    Keywords

    COVID-19; CARES Act; forbearance; student loans; mortgage; delinquency; credit scores;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality

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