Throughout the pandemic, as millions of Americans were unemployed and struggling to put food on tables, credit-card debt declined. But that has now changed.
Throughout the pandemic, as millions of Americans were unemployed and struggling to put food on tables, credit-card debt declined.In the second quarter of 2021, credit-card debt increased by $17 billion quarter on quarter to $790 billion, according to New York Federal Reserve data published on Tuesday. Still, it has not yet reached pre-pandemic levels.
Stimulus checks, enhanced unemployment benefits, mortgage forbearance and the student-loan relief allowed many Americans to pay down credit-card debt they’d been accumulating for years. Overall household debt grew by $313 billion in the second quarter to $14.96 trillion. The total debt balance is now $812 billion higher than at the end of 2019, according to the report
“ In the second quarter of 2021, the total credit limit for U.S. consumers increased for the first time in a year to $3.87 trillion. ” Another sign of confidence in the U.S. economy: In the second quarter of 2021, the total credit limit for U.S. consumers increased for the first time in a year to $3.87 trillion.
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