What is baffling is how the delinquency rates for credit cards have plummeted. Sure, it's easy to say in hindsight that people are buckling down, and that the stimulus payments are making it easier for those in the low income demographic to pay down credit card debt, but that can't be the complete picture.
The economy was put on pause, and small businesses are being decimated. If people need financing, the status quo was to use credit card debt to keep people/business afloat as the debt is unsecured.
As the article posits, the situation is quite unique and very counterintuitive...
The economy was put on pause, and small businesses are being decimated. If people need financing, the status quo was to use credit card debt to keep people/business afloat as the debt is unsecured.
As the article posits, the situation is quite unique and very counterintuitive...