Credit card monthly purchase volumes rebounded strongly in the third quarter of 2020, jumping more than 20% from the prior quarter despite challenges from the pandemic-induced recession, according to ABA’s latest Credit Card Market Monitor released today.
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Loan demand and standards for lending continued to stabilize in the fourth quarter of 2020 after the economic freefall caused by the COVID-19 pandemic in the second quarter.
Consumer credit delinquencies declined in eight out of 11 closed-end loan categories in the second and third quarters of 2020 amid significant fiscal support and sound financial management from consumers, according to ABA’s Consumer Credit Delinquency Bulletin released today.
The COVID-19 pandemic had a significant effect on credit markets throughout 2020, with credit application and acceptance rates falling after February, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today.
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.
Small business credit card customer satisfaction declined nine points from last year (falling to 840 on a 1,000-point scale) as 91% said their business has been affected by the pandemic, according to a new survey by J.D. Power.
Loan demand and standards for lending began to stabilize in the third quarter after demand weakened and standards tightened during the economic freefall of the second quarter.
As consumer spending and credit card purchases plummeted in the second quarter, the share of U.S. cardholders that paid their credit card balance in full reached record levels, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
. . . and other questions from the ABA Regulatory Policy and Compliance Inbox for November/December 2020.
The credit card market is functioning well, and consumers feel their bank is there for them during the COVID-19 pandemic, ABA said in a letter to the CFPB today.