I saw some great news this week, according to a credit card debt study done by Wallethub, altogether, Americans repaid a record $83 billion in credit card debt during 2020. That marks only “the second time in the past 35 years we’ve ended the year owing less credit card debt than we started with. There’s several reasons credit card debt has fallen, many folks took advantage of refinancing with low interest rates right now. With the virus people weren’t doing much and they were saving. Plus, Federal relief, such as stimulus checks, expanded unemployment benefits and an extended pause in loan repayments, have even given some a chance to catch up on past-due payments. Many experts predict there could be a surge in consumer spending once more people are vaccinated and Covid-related restrictions are lifted, which could undo some of the recent progress made toward paying down debt. WalletHub is projecting that consumers will add around $50 billion in credit card debt in 2021 alone. Check out our website yoursafemoneyshow.com.
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