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Americans are rapidly shrinking their credit card debt during the pandemic


New York (CNN Business)Americans' credit card debt is shrinking rapidly during the coronavirus recession. That's a sharp contrast with the last two economic downturns.

The amount of consumer revolving credit, which is mostly credit cards, plunged by another $24 billion in May, the Federal Reserve said Wednesday. This costly form of debt is down more than $100 billion since hitting a record high in February and is now below $1 trillion for the first time in nearly three years.

The dwindling pile of credit card debt is yet more evidence of how drastically consumer behavior is changing during ...


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