JP Morgan: A significant number of clients are unable to pay their bills
 America's two largest banks expect to lose a combined $4.5 billion from customers who are unable to pay their bills.  JPMorgan Chase says its bad debts hit $2 billion in the first quarter of the year.

This amount is almost double the amount of bad debt compared to the same period last year.  Bank of America also reported $1.5 billion in uncollectible debt, which is a significant increase compared to the previous year.  As interest rates and inflation increase, customers are less able to repay loans.