The TSUNAMI of financial-grief headed towards Indians...
When India's lockdown began in March, simultaneously, a moratorium was introduced on EMIs (Equated Monthly Installments or colloquially better know as Easy Monthly Installments) for people's loans (auto, home, personal, business, etc.). This was originally only for 3 months, but has been extended, 1 month at a time, now for 3 more months. However, this moratorium is only staving off the inevitable. Interest has been accruing and compounding on these loans. Come September 28th, when the moratorium ends, people are going to be hit their minimum payments + interest (X6 months). So, for example if one's credit-card minimum monthly was/is $60, one could be looking at $360 to $500 the day the moratorium ends (September 28th), payable IMMEDIATELY and WITHOUT DELAY on September 29th or the next due date, whichever come first. With the GDP at -23.8% and unemployment in many states hovering between 30% to 50%, people are going to be hard-pressed to make their loan-payments. Indians are additionally terrified as there are no guidelines for collecting on bad-debt in India, as there are in the US. Debt-collectors regularly resort to mafia-style collection techniques with impunity, like extreme harassment via telephone-calls, verbal abuse, intimidation of physical harm to oneself and one's family members, public-shaming, repossession of assets (without due process and notice), etc. A tsunami of misery is coming our way at the end of this month.
Will there be any similar long-term effects, financially, in the Western World? Just wanted feedback and to compare notes...plus, you know what they say...misery loves company.