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Reproduced from TransUnion; Table: Axios Visuals

The number of borrowers not making payments on their credit cards and auto loans rose by thousands of percentage points in April as nearly 15 million credit cards and 3 million auto loans were placed in financial hardship programs.

The state of play: The numbers have surged from March, when less than 0.01% of credit cards and about 0.6% of auto loans were in the programs, according to data from credit reporting agency TransUnion.

Yes, but: The programs allow borrowers to temporarily stop making payments, suggesting voluntary elections rather than missed payments.

The big picture: TransUnion notes that its measure of consumer liquidity has increased as forbearance programs reduce monthly minimum payment obligations and free up capital for Americans.

  • The company also notes that credit card balances are decreasing as consumers reduce spending and make larger payments.
  • Credit scores generally have been stable with overall credit ratings actually increasing with fewer consumers in the subprime risk tier.

Between the lines: Mortgage delinquency rates declined slightly, with 94.4% of loan holders current in April, up from 93.7% in March, and the foreclosure rate has ticked down from March by 9.7 percentage points.

Go deeper: "Astronomical" U.S. debt from coronavirus measures will reshape the Treasury market

Go deeper

Dion Rabouin, author of Markets
Aug 14, 2020 - Economy & Business

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Updated 4 mins ago - Politics & Policy

Gavin Newsom to face recall election

Photo: Jay L. Clendenin / Getty Images

Gov. Gavin Newsom (D) will face a recall election later this year, California's Secretary of State confirmed Wednesday.

Why it matters: This will be the second time in California's history that a gubernatorial recall campaign has succeeded in getting on the ballot, out of a total of 55 attempts, per Bloomberg.

America's child care sticker shock

Illustration: Sarah Grillo/Axios

Parents looking to return to the job market may find child care options have gotten pricier — and that's if they can enroll their kids at all.

Why it matters: The fate of the recovery partially relies on the return of parents who left the workforce to care for their children.

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