balances held, are younger, have lower credit scores, and live in lower-income neighborhoods. Compared to other salient fiscal … policies, the forgiveness policy distributes less benefit to lower income ZIP codes than the Earned Income Tax Credit, but more … benefit to lower income ZIP codes than the 2019 Child Tax Credit and the 2019 education tax credits for higher education …

Negative shocks to housing, most households’ largest consumption good, are expected to create strong credit demand to … smooth these shocks over time. We estimate and trace a credit demand curve for households who recently experienced a negative … price-sensitive, only a third would accept loans offered at the 30-year mortgage rate. We find a large impact of credit …

economic and sociodemographic characteristics in predicting applications for credit and the size of debt. The paper uses …

administrative credit panel data, we show that the payment pause led to a sharp drop in student loan payments and delinquencies for … borrowers subject to the debt moratorium, as well as an increase in credit scores. We find a large stimulus effect, as borrowers … to increase borrowing on credit cards, mortgages, and auto loans rather than avoid delinquencies. The effects are …

distressed individuals.We observe substantial increases in credit scores within six months of forbearance.This credit score … improvement is followed by increases in credit limits and new creditcards that allowed distressed borrowers to take on 12.3% more … credit card debt relativeto borrowers whose student loans were not in forbearance. Credit card borrowing isincreasing and is …