Credit card balances are drying up
Americans' credit card balances are on a sustained decline for the first time since the financial crisis.
By the numbers: Credit card balances peaked at $847 billion in the fourth quarter of 2019, per TransUnion. Since then, they've declined in three successive quarters, by a total of $124 billion.
The bottom line: Even record economic growth in Q3 wasn't enough to turn this trend around. American consumers still haven't rediscovered their penchant for debt.