The coronavirus pandemic hasn’t stopped
Americans from keeping up with their
credit card payments, thanks in large part to
government relief programs passed by Congress
earlier this year.
For some, however, the ability to keep buying
things with plastic and then pay the bill likely
depends on whether current negotiations
in Washington produce another round of
economic aid. Many existing aid measures are
set to soon expire.
The pandemic plunged the U.S. economy into
a deep recession, costing millions of Americans
their jobs and businesses. While the economy
has recovered somewhat, the latest report on the
job market shows the pace of hiring has slowed
in the face of a wave of new COVID-19 cases.
While the banking industry has not shared
industry wide statistics, the major credit
card issuers — JPMorgan Chase, Bank of
America, Citigroup, Capital One and American
Express — have reported relatively stable
delinquency rates despite the recession.