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When unemployment soared this spring at first of coronavirus lockdowns, credit-card debt and delinquencies have been broadly anticipated to surge as struggling households borrowed extra to make ends meet.
Instead, amid the deepest financial disaster for the reason that Great Depression, the alternative occurred. Credit-card debt within the U.S. and different superior economies has fallen. Fewer persons are late on their credit-card funds. Consumer demand for brand new borrowing—via bank cards, private loans and even pawnshops—is down sharply.
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