Record Credit Card Paydown – 1st Half of 2020

Need some hope?

WalletHub’s Credit Card Debt Study reports that Americans paid down a record amount of credit card debt during the first half of 2020. The greatest reduction occurred during the 2nd quarter of this year, largely due to unemployment benefits and household spending cuts.

A WalletHub analyst said: “It may seem counterintuitive that debt levels would decline when so many people are out of work, but that’s also when people become most frugal and when credit card issuers get stingier with approval decisions and credit limits.” May this motivate you to eliminate your credit card debt. Pick a pay-down plan like the avalanche or snowball method and stick with it.

For help establishing new habits, download our Easy Guide to a budget you love at crown.org.