Americans credit card debt reports show that average debt is rapidly shrinking from result of the new Coronavirus recession. American spending credit card debt plunged by another 24 BILLION in the month of may. As a result as well the unemployment rate rose to a whopping 14.7% in April. 3
The main problem for America and the economy coming up in the near future is the $600 of enhanced unemployment benefits expires at the end of July. This will most certainly force some unemployed Americans, particularly those in lower-income households, to rely on expensive credit card debt to make ends meet.
There is heated debate among economists and politicians about whether extending the extra $600 will discourage Americans to look for new jobs. But one thing is for sure the financial affects of this pandemic will clearly soon seep through as more data and reports come clear . As of now all we have is speculation, and I hope with what I’m reading the country can bounce back and fight through the economic and infection rate curve to come out on the other side as well of as we started. Only time and keeping up on news / reports can tell.
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