 TITLE: Consumer Finances Then and Now: The Great Recession vs. 2020 CONTENT: Consumers Reduce Credit Utilization in Recessions' Early Days\n-------------------------------------------------------------\nGoing into the Great Recession, the average credit utilization ratio (the percentage of available revolving credit in use) was 27%, compared with 29% in February 2020. Americans cut their utilization by 4% between December 2007 and March 2008—but during the first months of the current downturn, they reduced their utilization by a substantial 13%. This shows that while the economic downturn was gaining steam, consumers worked to pay down their credit card balances. A lower credit utilization ratio is better for credit scores; those with the highest credit scores commonly have overall utilization ratios in the low single digit percentages.\nSource: Experian END