March 20, 2021

LOCKDOWNS WERE EVEN BETTER FOR FINANCES THAN FOR HYGIENE:

Americans trimmed credit card debt during pandemic thanks to stimulus (Stephanie Asymkos, March 18, 2021, Yahoo! Finance)

Americans whittled down credit card debt and paid their bills on time more often during the pandemic, according to new data, thanks largely to government and lender largess and curtailed spending.

"The ongoing financial support for households, limited ability to spend the same during the pandemic as prior to it, and the widespread availability of payment relief for borrowers have led to lower credit card balances and much lower delinquencies than we'd expected this time last year," Greg McBride, Bankrate's chief financial analyst told Yahoo Money.

Read more: Coronavirus pandemic: How to rebuild after a financial hit

Between March 2016 and March 2020, the country's collective credit card loans or balances grew by 29%, but those balances dropped after the pandemic's arrival and now sit 13% below the pre-pandemic high, according to an analysis of Federal Reserve Bank of St. Louis data by Nicholas Colas, cofounder of DataTrek Research. 

That works out to a reduction of $112 billion, or $350 per individual American, Colas found.

While the top-line story of the pandemic is the 300k excess deaths Donald was responsible for, he also gets credit for the Bushesque economic response.  Following the W/UR/Bernanke model and improving it by giving money directly to individuals worked again. 

Posted by at March 20, 2021 7:22 AM

  

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