Millions of consumers paid down credit card balances during the pandemic

 

Source: Michelle Singletary, Washington Post ( Paid Registration )

Low- and high-income borrowers have been shedding debt, the New York Fed said. Using 2017 income data from the IRS, the Fed found that credit card borrowers with adjusted gross income between $46,000 and $58,000 reduced their card balances by 15 percent in the year since the pandemic began. Those with incomes above $58,000, including people earning more than $79,000, reduced their balances by 19 percent.

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