The COVID-19 crisis is causing disruptions and uncertainty for millions of Americans’ lives, and according to recent survey data, the crisis is causing many Americans to rack up additional credit card debt
s shining a spotlight on the financial precariousness of many Americans, who were often living paycheck to paycheck even before the pandemic hit., Americans are relying more heavily on credit cards to manage their finances during a time of emergency:
Here are a few key insights and tips to keep in mind when considering whether to use credit cards or cash during this uncertain time.According to the U.S. Federal Reserve Bank of New York, as of the 4th quarter of 2019, total U.S. household debt. During the last three months of 2019, credit card balances increased by $46 billion, reaching total credit card debt of $930 billion.
No matter how you define “living paycheck to paycheck,” it’s a troubling sign that even during some of the best years of economic growth with the highest-performing stock market in U.S. history, so many Americans were struggling to save money or have anything left of their paycheck at the end of the month.
and you have a plan to pay off your balance on time, without incurring interest charges or late fees.If you are carrying a balance on your credit cards, but are current on your payments and your job is still going on as usual, you can keep using your card as usual. Even if you feel good about your job security, this could be a good opportunity to; stop putting additional purchases on the card until you’ve paid off your balance in full.
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