Amid Pandemic, Consumers Pay Down Record $119 Billion in Credit Card Debt

Consumers paid down $119 billion in credit card debt in the first three quarter of 2020, the largest pay down on record, according to a new report from WalletHub released today.

In the third quarter, for the first time in 35 years, consumers paid down credit card debt and the average credit card debt per household declined 10.8% to $7,849. Meanwhile, the credit card charge-off rate was 3.34%, down 17.3% from the last quarter.

WalletHub projected that U.S. consumers will end the year with a decrease of about $89 billion in credit card debt for the first time since the end of the financial crisis in 2009.