But that’s what happened during the pandemic year. Helped by government stimulus and limited to spending on necessary goods rather than discretionary items, consumers bucked economic downturn history when it comes to credit card debt.
The savings rate spiked to a level not seen since World War II, and that caused consumers to take the cash they had and pay down debt — and often the first kind of debt they paid down was cards, which have among the highest interest rates, averaging 16%.
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