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COVID-19: How Americans Reduced Personal Credit Card Debt By $83 Billion In 2020 COVID-19: How Americans Reduced Personal Credit Card Debt By $83 Billion In 2020
Covid-19: How Americans Reduced Personal Credit Card Debt By $83 Billion In 2020 Many Americans have used downtime and stimulus payments from the fed to reduce their personal credit card debt. Citizens paid off or otherwise got rid of $82.9 billion in credit card debt in 2020, according to WalletHub, which cited the Federal Reserve. This is a huge reversal in the last 10 years of U.S. credit card trends. Typically, Americans added $54.2 billion to the national credit card debt per year. Still, a lot of debt remains. U.S. consumers owe a collective $1 trillion to credit card companies, WalletHub said. The average household credit card debt is a little over $8,000 - whi…

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by Kristin Palpini