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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.

Credit card balances are drying up

Record economic growth in Q3 wasn't enough to turn this trend around.

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Credit cards

Americans&#x27; 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&#x27;ve declined in three successive quarters, by a total of $124 billion.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Credit card balances are drying up

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