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Despite the economic turmoil and mass unemployment resulting from the coronavirus pandemic, consumer revolving debt decreased by $24 billion in May, according to recent data from the Fed. It is the third straight month of decline in consumer debt.
Covid-19 has devastated many Americans’ finances, with lost jobs and wages, but there has been at least one silver lining: The economic shutdown and extensive lockdowns have forced consumers, including many millennials, to cut back on discretionary spending. This has given some of those in debt, and not facing imminent financial emergency, a chance to pay down credit card balances.
“People have been not spending at all and have been using this money to pay off their debt,…
Read the full article at: https://www.cnbc.com/2020/07/15/how-women-can-lower-financial-stress-control-debt-during-coronavirus.html