Why Did Credit Card Balances Decline so Much during the COVID-19 Pandemic?

Robert M. Adams, Vitaly M. Bord and Bradley Katcher
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Robert M. Adams: https://www.federalreserve.gov/econres/robert-m-adams.htm
Vitaly M. Bord: https://www.federalreserve.gov/econres/vitaly-m-bord.htm

No 2021-12-03-3, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: 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.

Date: 2021-12-03
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2021-12-03-3

DOI: 10.17016/2380-7172.3021

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