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Credit card debt is decreasing

Despite high struggles in the last two years, interestingly enough, the COVID-19 pandemic has resulted in the overall level of credit card debt plunging.

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Consumer delinquency rates remain low as credit spending increases

Globe Newswire reports we are currently experiencing “one of the longest periods of sustained positive credit activity” we’ve seen in recent decades. Economists believe factors such as low unemployment rates, wage growth, GDP growth, and high consumer confidence are all primary contributors to consumers’ recent increased use of credit cards.

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