New report shows a historic drop in credit card debt amid the coronavirus pandemic.
In the months since the coronavirus pandemic hit and sent millions of Americans to shelter at home, consumers'released Thursday from the Federal Reserve Bank of New York, the second quarter of 2020 saw a staggering $82 billion decline in
credit card balances. Second-quarter declines in card balances, in general, have only been seen during the Great Recession, and a drop this big in the second quarter of the year hasn't happened since at least two decades ago, the report says.
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