Many fluctuations have occurred ever since the pandemic era has started, including the increase in the rate of online shopping and the dramatic drop of credit card debt from $34 billion to $14.27 trillion. The year 2020 is full of surprises. Where many businesses have settled down and worked through their obstacles to find a solution for their firm in this epidemic, many areas have faced some serious troubles.
As per the prediction, this pandemic was supposed to cause an increase in the credit card debt, but due to the lack of activity by the consumers, this prediction failed, and an unparalleled record surfaced. This credit card debt drop has been declared the biggest drop to date after the one recorded in 2014 because it has shaken the entire market in just a few months. The first three months of 2020 witnessed a drop of $34 billion, which was quickly followed by the end of June, causing a sizeable drop of $76 billion.
Timeline of credit card debt over the years in the US
The infographic below points to the chart, which refers to the timeline of credit card debt over the years. The difference in credit card debt every single year is easily comprehensible.
Infographic by: Statista.com