 TITLE: Credit Card Debt in 2020: Balances Drop for the First Time in Eight Years CONTENT: Credit Card Balances Down by an Average 14%\n-------------------------------------------\nIndividuals in the U.S. have seen their average credit card balance decrease by $879 since 2019, according to Experian data. That represents a 14% drop and marks the first time since 2011 that average individual credit card debt shrank compared with the previous year.\nWith the onset of the COVID-19 pandemic, mandatory lockdowns and business closures have stunted consumer spending—which, along with other factors (such as the economic stimulus measures noted above), may have contributed to the decrease in credit card balances. Consumer expenditure, as measured by the U.S. Bureau of Economic Analysis, took a dive beginning in March, dropping to the lowest point in five years in April.\nSource: Experian END