Source: Matt Egan, saskatoon.ctvnews.ca, May 13, 2020
Fear of job loss due to the COVID-19 pandemic, many are drastically scaling back their credit card debt, the most expensive form of typical borrowing.
Americans are slashing their spending, hoarding cash and shrinking their credit card debt as they fear their jobs could disappear during the coronavirus pandemic.
U.S. credit card debt suddenly reversed course in March and fell by the largest percentage in more than 30 years. At the same time, savings rates climbed to levels unseen since Ronald Reagan was in the White House.
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