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Explore: U.S. Credit-Card Debt Levels See Record Drop in 2020

U.S. Credit-Card Debt Levels See Record Drop in 2020

Despite the financial challenges experienced by Americans as a result of the coronavirus  pandemic, U.S. credit-card debt dropped to record levels in 2020,  decreasing by almost $83 billion.1 This unprecedented drop was likely the result of individuals receiving financial assistance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and having access to more cash. Economic aid in the form of stimulus payments, suspended student loan payments, and broad state-sponsored unemployment benefits, allowed Americans to pay down their balances.2 In fact, according to a U.S. Census Bureau survey, almost 60% of adults in households that experienced a loss in employment income during the pandemic used their second stimulus check to pay down debt.3

If you are still struggling to pay down your balances, here are some strategies  to help eliminate your credit-card debt.

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