Why Did Credit Card Balances Decline so Much During the COVID-19 Pandemic?
Posted: 5 Jan 2022
Date Written: December 1, 2021
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.
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