If there was anything good that came out of the 2020 COVID-19 crisis, it was the reduced credit card debt. A study conducted by WalletHub showed that Americans reduced their credit card debt by $82.1 billion. It is a significant improvement, but the national credit card problem remains, and it could get worse.
The stimulus checks helped many bring down their credit card debt figures, but the money has now been spent. WalletHub predicted that there will be an increase in credit card debt of $60 billion. There is a distinct possibility that America will soon be experiencing a high rate of inflation. It could add fuel to an already lit fire. Continue reading