Heavy debts have left households making $25,000 to $45,000 a year particularly vulnerable if a recession occurs, an economist warned.

A cut in wages could lead to delinquencies and defaults, Mark Zandi said Wednesday at a Bermuda conference on asset-backed securities.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.