Pandemic frugality starting to wane

Credit card debt in the United States is starting to rise again, after declining earlier in the Covid-19 pandemic. Also heading north are car loans and mortgage debt.
PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

(REUTERS) - Early in the pandemic, there were encouraging and surprising signs about the decline of credit card debt. Now, that trendline seems to be changing.

Many people stayed at home at the start of Covid-19 and did not spend like they usually do. They also received several rounds of emergency cash assistance, helping to chop away at those credit card bills, at least temporarily.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.