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Consumer Credit Card Payment Deferrals During the COVID-19 Pandemic

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  • Stephanie M. Wilshusen

Abstract

In response to the economic hardships stemming from COVID-19, many U.S. card-issuing banks offered measures to assist their customers who were financially affected by the pandemic. Unlike previous disaster assistance programs that were typically short in duration and localized, the COVID-19 pandemic affected millions of consumers across the country for a protracted period of time and required application of broad-based relief measures. These measures, along with federal and state stimulus and benefit payments, provided some stability to many consumers’ financial circumstances during the pandemic. It is important to consider how effective these measures have been at stabilizing consumer finances not just for those for whom these programs served as a bridge, but for those consumers who continue to need support after the programs have expired. This paper discusses several aspects of one relief measure implemented by banks during the pandemic: consumer credit card payment deferrals.

Suggested Citation

  • Stephanie M. Wilshusen, 2022. "Consumer Credit Card Payment Deferrals During the COVID-19 Pandemic," Consumer Finance Institute discussion papers 93694, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:93694
    DOI: 10.21799/frbp.dp.22.01
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/dp22-01.pdf
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    References listed on IDEAS

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    1. Olivier Armantier & Leo Goldman & Gizem Koşar & Wilbert Van der Klaauw, 2021. "An Update on How Households Are Using Stimulus Checks," Liberty Street Economics 20210407, Federal Reserve Bank of New York.
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    More about this item

    Keywords

    household finances; consumer credit; credit cards; payment deferral; COVID-19;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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