With the COVID-19 pandemic that has virtually decimated the global economy with 90% of the world’s population in a lockdown, we expect both household and small business debt to skyrocket to levels we have not seen in decades. Similarly, mortgage originations ballooned 42 percent, or $224 billion, in the fourth quarter of 2019 to reach a whopping $752 billion, the highest volume seen since the fourth quarter of 2005 — again, prior to the subprime mortgage crisis. Meanwhile, U.S. corporate debt has nearly doubled from $3.3 trillion before the financial to $6.5 trillion last year, based on Federal Reserve estimates.