Why not suspend all debt payments?
With the economic crisis coming with Covid-19, why not suspend ALL debt payments?
This would apply to mortgages, credit card balances, airplane leases, etc. This would affect all individuals, industries and businesses. This is not canceling debt, but removing the burden of payments while businesses and individuals are provided a means to survive the economic crisis. Interest would not accrue during this period, which could be from three months to one year, with extensions if necessary.
Concurrently, injection of national (and international funds) could help industries and small businesses to bridge the time needed until some degree of normalcy returns. These funds could also be in some form of debt, whose payments would also be suspended for the time required for recovery. Since these funds typically come from current and future taxpayers, the process must be equitable and corruption-free (this is asking a lot).
Without some extraordinary measures, many individuals and small and medium-sized businesses would not have the financial means to survive the economic crisis.