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

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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.

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  • Robert M. Adams & Vitaly M. Bord & Bradley Katcher, 2021. "Why Did Credit Card Balances Decline so Much during the COVID-19 Pandemic?," FEDS Notes 2021-12-03-3, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2021-12-03-3
    DOI: 10.17016/2380-7172.3021
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/why-did-credit-card-balances-decline-so-much-during-the-covid-19-pandemic-20211203.htm
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    File URL: https://libkey.io/10.17016/2380-7172.3021?utm_source=ideas
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    Cited by:

    1. Claire Greene & Joanna Stavins, 2022. "Credit Card Debt Puzzle: Liquid Assets to Pay Bills," FRB Atlanta Working Paper 2022-9, Federal Reserve Bank of Atlanta.
    2. Horvath, Akos & Kay, Benjamin & Wix, Carlo, 2023. "The COVID-19 shock and consumer credit: Evidence from credit card data," Journal of Banking & Finance, Elsevier, vol. 152(C).

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