According to an article posted on Fox Business, American credit card debt has fallen during the coronavirus pandemic, dropping below $1 trillion for the first time since September 2017.
Credit card debt fell by $24 billion in may and $58.2 billion in April. Debt is down almost $100 billion from the start of the year.
The shrinking debt highlights how the recession changed consumer spending as U.S. households tried to avoid taking on new debt.
Even as the Country shut down and jobs were lost, the personal savings rates in the U.S. surged to 33% in April.
Read more about this: https://www.foxbusiness.com/money/american-credit-card-debt-plunges-during-coronavirus-pandemic