It seems that one of the side effects of this pandemic where Americans are not out and about shopping in person is that We the People are paying off credit card debt at a fairly quick rate.
According to a Fox News Business article, the amount of credit card debt Americans are carrying is less than one trillion dollars for the first time since 2017, when the push to Make America Great Again began, and the economy started the recovery from the oppressive Obama years when that administration never saw a regulation it didn’t like.
The Federal Reserve, actually, is the body that tracks consumer spending and debt and according to its report, the payoffs began in April with $54 billion in reductions and continued during May with $24 billion. Americans were confined at home and were not spending money eating out and for entertainment during those months which might account for the majority of the drop.
The other thing that is interesting about this topic is that American savings accounts, long a topic of conversation for their leanness, got fatter. Personal savings increased thirty-three percent during this time as Americans squirreled away cash right along with toilet paper, rice, and everything else that disappeared from store shelves at a record rate.
On the flip side though, debt for actual assets like cars, houses, and other property rose. Maybe people decided to spend disposable income on something they had been putting off.
Whatever the case, high-interest credit cards are not making the banks nearly as much money right now as a result of this COVID quarantine. That might well account for why so many branches are closing nationwide.
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