WASHINGTON—Americans are rapidly shrinking their credit card debt during the pandemic.
That's a sharp contrast with the last two economic downturns, notes CNN.
The amount of consumer revolving credit, which is mostly credit cards, plunged by another $24 billion in May, according to the Federal Reserve.
“This costly form of debt is down more than $100 billion since hitting a record high in February and is now below $1 trillion for the first time in nearly three years,” CNN said.
The dwindling pile of credit card debt is yet more evidence of how drastically consumer behavior is changing during the pandemic and this period of financial insecurity, CNN noted.