Consumer debt has reached an all-time high of over $18 trillion nationally, with the average family owing more than $100,000.
The situation has become so dire that services like DoorDash now offer “buy now, pay later” options for meals. Default rates are climbing, particularly among vulnerable populations.
While federal relief seems unlikely, some states are addressing medical debt through legislation, and some localities are using COVID funds to buy up medical debt.
More ambitious solutions like the Poor People’s Campaign’s “Jubilee Platform” to cancel various debts for low-income Americans face significant political hurdles but could become important in upcoming elections.
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