Recession leads to defaults on other unsecured debt
The recession in turn leads to defaults on other forms of unsecured consumer debt (e.g. credit cards, auto loans, student loans), which in turn deepen the recession.
Immediately related elementsHow this works
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The Global Financial Crisis »The Global Financial Crisis
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Potential consequences of the financial crisis? »Potential consequences of the financial crisis?
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US faces severe recession »US faces severe recession
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Recession leads to defaults on other unsecured debt
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