Not likely site members but there will be many cases. So many younger people are so far in debt with this easy credit situation for some time now. They are totally exposed in many cases to any upset.

Then again bankruptcy is not the deal today that it once was. The system wants to give them credit again. After all this is a consumer credit driven economy. The system requires them to keep consuming.

If you went bankrupt in my day it was a major stigma. Plus your credit was gone.

What I find interesting is many know the risks and do not care really. What I could be concerned about in some ways. Is the effect of too many bankruptcies could impact people that have tried to act responsibly.

The government purchased about four trillion dollars of mortgage vehicles from the banks when this virus thing first started. The ideal was to give the banks more liquidity to loan money.

Of course the taxpayers indirectly owning all this paper is not bad. Unless something occurs where a large portion of them go into default. That could be an issue if the housing market slides badly.

Canada also has done the same thing basically but at smaller dollar amounts reflecting our much lower population. Much greater risk though with the average resale in some of our populations areas.

The average house cost a million dollars in them.. Many buy them thinking a million five is just around the corner. The mortgage payments are killing them until they sell. Prices falling back was never a consideration by them. A lot of people could lose some equity in my opinion. Especially through circumstances reducing their incomes. To me buying property in Canada's superheated real estate areas is pure gambling.

If times get tough the tough get going. The majority of the young have never been tough today.