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April 2021

Credit Card Delinquencies Decline and Defaults Remain Resistant to the Pandemic

On Point Cover Image: Credit Card Delinquencies Decline and Defaults Remain Resistant to the Pandemic

This publication is part of:

Collection: On Point

Abstract

The number of credit card holders who are either paying late or not paying at all during the pandemic is less than unemployment data would suggest. Unlike past recessions, credit card delinquencies actually declined in 2020 and defaults have been resistant to COVID-19's effects on the economy. This article discusses how federal relief programs and forbearance policies have mitigated those effects on low-wage workers and low-income households.

Author

Michel Becnel