Report: Americans Paying Down Credit Card Debt
UNDATED -- Americans have been paying down our credit card debt this year during the COVID-19 pandemic.
We began 2020 owing more than $1 trillion dollars, but for the first time in more than 30 years, credit card debt actually dropped in the second quarter from April through June.
WalletHub now projects that U.S. consumers will end the year with a slight reduction in credit card debt for the first time since the end of the Great Recession in 2009.
Here in Minnesota WalletHub says the average household credit card debt is just over $7,200. The average household in Minnesota has paid down their credit card debt by about $426 this year. The total credit card debt in Minnesota is over $14.8 billion.