Nov 12, 2020 - Economy & Business

Credit card balances are drying up

Data: TransUnion; Chart: Axios Visuals
Data: TransUnion; Chart: Axios Visuals

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.

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