 TITLE: Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years CONTENT: Despite Recession, Credit Card Delinquencies Decreased\n------------------------------------------------------\nAs consumers actively paid down their credit card debt, late and missed payments for credit card accounts dropped in 2020, according to Experian data. Since 2019, the percentage of delinquent accounts—across 30-, 60- and 90-days-past-due periods—have all decreased.\nThe drop in credit card delinquency rates put a stop to five years of consecutive growth for late and missed payments. Before 2020, the last year to see any negative growth in delinquencies was 2014, which was the last in a five-year period of negative year-over-year decline in delinquencies as consumers emerged from the Great Recession.\nThe percentage of accounts that were 30 to 59 days past due (DPD) saw the most improvement, decreasing by 33% in 2020. Accounts 60 to 79 days past due followed, shrinking by nearly one-third since last year.\nSource: Experian END