On the bright side, employment in the bill collection “profession” is going to go up a lot
People better read the handwriting on the wall about living in debt
I don’t think the credit card companies will be able to sell this paper for pennies on the dollar. Therefore NONE of it will be put back into the economy.
Selling homes I’ve seen this up close and personal. There are “buyers” out there but they carry too much debt and don’t qualify for the mortgage.
See my post below yours. I don’t think the “collection” companies will buy this worthless paper even for only pennies on the dollar.