HOUSEHOLD DEBT AND CREDIT REPORT (Q2 2020)
Total Household Debt Declines for the First Time Since 2014
Total household debt decreased by $34 billion (0.2 percent) in the second quarter, according to the latest Quarterly Report on Household Debt and Credit. This marks the first decline since the second quarter of 2014 and is the largest fall since the second quarter of 2013. Reflecting the sharp decline in overall consumer spending due to the COVID-19 pandemic and related social distancing orders, credit card balances fell by $76 billion, the steepest decline in the history of the data.

For more details:
Report: Q2 2020
Blog: A Monthly Peek into Americans’ Credit During the COVID-19 Pandemic
Press Release: Total Household Debt Decreased in Q2 2020, Marking First Decline Since 2014
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