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Its not just honest defaulting they have to deal with. What most people aren't made aware of is that when banks etc. lend money to people, the bank creates that money right there and then. Just like typing it into an excel sheet and pressing enter. Through this, private banks create 80% of the money in our system: not the national bank who make the rest which includes all the physical money.
Essentially, we've given private banks the licence to print our money and no one seems to think that there might be a problem with that idea.
So, much like the financial crash, there's no reason not to suspect this is going to have a huge element of banks just creating loads of money for themselves to use.
Those that aren't unable to pay off loans are running out of money too but aren't taking out new loans to buy new things. So, there's no new credit lines being made, in which these things can be lost, a bit like in a ponzi scheme but in reverse. Its also one of the reasons inflation (too much money chasing too few things) is so high. Covid was the perfect time to do it, due to all the loans being issued (money being created). You don't hide a needle in a haystack. You hide it in a giant pile of needles.
Paying back to loans and paying tax actaullt destroys money too. So, another reason we have too much money is not taxing the rich fairly but tbats another story. Governments create money and then takes tax. What isn't destroyed is the deficit.