For an unsecured lender, this is basically the apocalypse. Let's do the math - numbers are US, but most of the major Western economies are going through some ve

For an unsecured lender, this is basically the apocalypse. Let's do the math - numbers are US, but most of the major Western economies are going through some version of this. - 30% household unemployment - 90+ day shutdown of most retail / service businesses - Implicit Mortgage and Rent holidays (no enforcement) - Other household assets are tanking (stocks, real estate) - Small business restart will be brutal, since the personal balance sheets & credit of owners are getting devastated So... payment on unsecured loans... bwhahahahah. Speaking as a former banker, I'm guessing what - a 40% delinquency rate during Q2 and part of Q3? We're not just talking about the unemployed people - others have hours cut, money lost on investments, business slowdowns, etc. Not to mention most of the population probably won't give a damm about you trashing their credit score at this point. What's the point? It's all crap now... Oh wait... I haven't gotten to the best part. If a loan is 60 days delinquent, these guys have to buy it back per the terms of their deal. That's why they froze this thing... At this point, it is a race between their cash reserves (what % they held back to support buybacks) and the unknown peak of a massive wave of 60 day delinquencies....