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Report
Consumers Anticipate Long-Lasting Impact from Financial Damage
As part of its effort to understand the economic impact of the pandemic, the Consumer Finance Institute (CFI) surveyed consumers about their economic situations and attitudes. Many of the findings echoed the severe job losses and paycheck disruptions found in the government data and media coverage. A new and interesting takeaway of the survey, however, is the cautious view going forward: When we surveyed consumers in April, a significant share of respondents did not think their finances would recover soon. Many expected to need to decrease their spending or to seek financial assistance in ...
Report
Household Rental Debt During COVID-19: UPDATE FOR AUGUST 2021
This research update provides new estimates of rental debt that households have accrued because of job loss or involuntary part-time work during the COVID-19 pandemic. The purpose of this update is to provide national and state stakeholders with updated estimates of pandemic-related rental debt as we approach the end of the national eviction moratorium implemented by the Centers for Disease Control and Prevention (CDC).1 These estimates should be interpreted as the amount of rental debt existing prior to the distribution of emergency rental assistance.
Report
SAVE Your Guesses: Borrower Expectations for Enrollment in the New SAVE Income-Driven Repayment Plan
As the end of the pandemic-era payment pause on federal student loans was announced, the U.S. Department of Education introduced measures to help ease borrowers back into repayment. One such measure included a change to the menu of repayment plans that are offered to borrowers to reduce their scheduled monthly payments. In this third report in our series on the student loan payments resumption, we consider borrower awareness of, intended enrollment in, and estimated payment reductions from the most recent and most generous income-driven repayment (IDR) plan yet: the Saving on a Valuable ...
Report
COVID-19 Relief Programs Have Helped Consumer Financial Well-Being
In response to the 2020 COVID-19 pandemic, the federal government set up a series of programs to help consumers. The first legislation was the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, followed by other packages throughout 2020, including December’s Coronavirus Response and Relief Supplemental Appropriations Act. That legislation provided stimulus checks, enhanced unemployment benefits, small business loans, rental assistance, and nutrition assistance. In March 2021, the American Rescue Plan Act of 2021 included enhancements to those five programs as well as ...
Report
CFI COVID-19 Survey of Consumers — Relief Programs, Vaccines, and the Effects of the Crisis on Renters and Mortgage Holders
In an effort to gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security. Data presented here represent results from the seventh wave of the survey conducted between January 4 and 15, 2021
Report
CFI COVID-19 Survey of Consumers — An Assessment of the Financial Health and Stability of U.S. Consumers
In an effort to gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia conducted a national survey of consumers that focused on changes in job status, income levels, and personal financial security. Additionally, we sought respondents’ attitudes toward various relief efforts proposed or enacted to support citizens during the pandemic. Data presented here represent results from the first wave of the survey conducted April 3‒10, 2020. The survey will be conducted up to six times through the end ...
Report
Recent Data on Mortgage Forbearance: Borrower Uptake and Understanding of Lender Accommodations
This research brief examines data relating to mortgage forbearance using responses to the January 2021 COVID-19 Survey of Consumers conducted by the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute. We study a national sample of 1,172 homeowners with mortgages, who reported the current and past forbearance status of their mortgage and other household credit accounts, discussed their familiarity with and understanding of lender accommodations that might be available to them, and provided their demographic characteristics. Respondents characterize their current employment ...