On one side, it seems counter-intuitive – an economy that is falling – people out of work – all due to a global pandemic.
One might assume that means people are going to be maxing out their credit cards in order to cover day to day living needs.
On the other side – with stores, bars and restaurants closed, or open with restrictions, where would you be swiping your credit card?
The answer is, Credit Card Debt is in steep decline. Having fewer businesses open, means less spending, and less debt.
Great article on this follows
https://www.cnn.com/2020/07/09/investing/credit-card-debt-recession/index.html