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Discussion Paper

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


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.

https://doi.org/10.17016/2380-7172.3021

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File(s): File format is text/html 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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Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2021-12-03

Number: 2021-12-03-3