CFPB: Total Credit Card Balances Fell by Record Amount in 2020
Following the onset of the COVID-19 pandemic, credit card debt fell to $811 billion in the second quarter of 2020, before rising to $825 billion by the end of the year, the largest six-month decline on record, according to the biennial Credit CARD Act report released by the CFPB today.
Despite shocks to the financial system from the COVID-19 pandemic, credit card market conditions remain relatively stable, the report said, with stability supported by robust fiscal measures, lower consumer spending, and voluntary industry relief programs.
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