How the Pandemic is Affecting Credit Card Debt, Savings, and Rewards Programs

by: Erica Sandberg

Could the COVID-19 pandemic have resulted in something positive? The answer is yes if you focus on the amount of revolving balances consumers are carrying now.

The August 2020 Federal Reserve report revealed that credit card debt in the United States is down by more than $2 billion, dropping from a total of $996.8 billion in May to $994.7 billion in July. The less high interest debt you owe to creditors the better because the finance fees won’t be eating into your cash flow.

However, reduced credit card use also means declining confidence in the economy’s future. You may have less money to spend on the things you may want or need and are concerned about the stability of your job or industry. Credit card issuers are also reacting to the retracted and unstable economy, making some key changes.

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