Most of us out here in flyover country wonder why anyone but government employees, clients, and subsidy recipients should be anxious about the government shutdown.
Banks and lenders will probably not get a lot of sympathy, but they'll suffer when their government employee borrowers and credit card customers delay payments or don't make payments at all during the shutdown. Furthermore, banks and lenders will be under increasing pressure to waive late fees. Some have done it already. See the following headlines, for example:
Auto lenders offer payment relief to U.S. government workers during shutdown;
Wells Fargo to Waive Mortgage Late Fees Tied to Government Shutdown;
Chase to Assist Federal Employees Affected by Government Shutdown.
There will always be people looking for someone to brand as a villain. Trump is their favorite target, and lenders who don't cave may be their next target.
------
2:14 PM 1/6/2019
Comments