Why Did Credit Card Balances Decline so Much During the COVID-19 Pandemic?

Posted: 5 Jan 2022

See all articles by Robert M. Adams

Robert M. Adams

Board of Governors of the Federal Reserve System

Vitaly Bord

Federal Reserve Board

Bradley Katcher

Independent

Date Written: December 1, 2021

Abstract

Consumer credit card balances in the United States experienced unprecedented declines during the COVID-19 pandemic. According to the G.19 Consumer Credit statistical release, revolving consumer credit fell more than $120 billion (11 percent) in 2020, the largest decline in both nominal and percentage terms in the history of the series.

Suggested Citation

Adams, Robert M. and Bord, Vitaly and Katcher, Bradley, Why Did Credit Card Balances Decline so Much During the COVID-19 Pandemic? (December 1, 2021). FEDS Notes No. 2021-12-03-3, Available at SSRN: https://ssrn.com/abstract=3997007 or http://dx.doi.org/10.17016/2380-7172.3021

Robert M. Adams (Contact Author)

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States
202-452-2653 (Phone)

Vitaly Bord

Federal Reserve Board ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

Bradley Katcher

Independent

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