Credit card holders in Illinois have reduced balances this past year, a surprising turn of events amid the COVID-19 pandemic.
According to Experian, the average credit card b
(The Center Square) – Credit card holders in Illinois have reduced balances this past year, a surprising turn of events amid the COVID-19 pandemic. According to Experian, the average credit card balance in Illinois drop.
SPRINGFIELD, Ill. (IRN) Credit card holders in Illinois have reduced balances this past year, a surprising turn of events amid the COVID-19 pandemic.
According to Experian, the average credit card balance in Illinois dropped 14% in 2020 from $6,253 to $5,365. Overall credit card debt in the U.S. dropped as well, marking the first time in 7 years that any major consumer debt category decreased.
Nathan Grant, senior credit industry analyst with Credit Card Insider, said the pandemic put consumers on the defensive.
“People are still using credit, unfortunately leaning on it for emergency situations and stuff, but they really took a step back and looked at things, like spending on things that maybe are not that important,” Grant said.
SPRINGFIELD, Ill. (IRN) Credit card holders in Illinois have reduced balances this past year, a surprising turn of events amid the COVID-19 pandemic.
According to Experian, the average credit card balance in Illinois dropped 14% in 2020 from $6,253 to $5,365. Overall credit card debt in the U.S. dropped as well, marking the first time in 7 years that any major consumer debt category decreased.
Nathan Grant, senior credit industry analyst with Credit Card Insider, said the pandemic put consumers on the defensive.
“People are still using credit, unfortunately leaning on it for emergency situations and stuff, but they really took a step back and looked at things, like spending on things that maybe are not that important,” Grant said.