During the pandemic-created recession, when millions of Americans are strapped for cash, youd think that more of us would turn to credit cards to help tide us over. It appears that just the opposite has happened, though.
Before 2020, consumer credit card debt grew for eight consecutive years, hitting a record high of $829 million in 2019, according to new data from Experian. But in the past year, that tally fell by 9 percent. Now, outstanding credit card debt in the U.S. totals $756 billion. Thats the lowest dollar amount since 2017, Experian says.
Credit utilization and late payments also fell
At the same time, two key measures of credit card activitycredit utilization and late paymentshave both moved downward, Experian says. For its a…
Read the full article at: https://www.bankrate.com/finance/credit-cards/experian-credit-card-debt-data-2020/
