106 MILLION loan payments skipped recently

In this Forbes column, we hear that 106 million different loans have not been paid on time, in the last two months.  Not $106 million dollars, but different loans.  The information comes from Trans Union, one of the big credit rating agencies. 

For the last 12 years, spurred by The Fed's artificially low interest rates, most of the U.S. (and much of the world's) economy has been fueled by debt.  In everyday terms, American businesses, the U.S. government, and most consumers, have been living on their "credit cards" for more than a decade.  Now they (we) can't make their payments in many, many cases.  A huge chunk of those loans are not being paid back, due to the shaky financial system and the Covid-19 sparked downturn and business shutdown.  So what happens to a world propped up by debt when the debt stops getting paid back?  A collapse of some sort is inevitable, unfortunately.  Tick.  Tick. Tick...