September 14, 2020 – Despite the COVID-19 pandemic, the economy is showing life, and Illinoisans have taken advantage. Illinoisans now rank fifth in the nation in paying down credit card debt in the second quarter of 2020 according to WalletHub. Analyst Jill Gonzalez says the pandemic and the tumultuous job market forced people to take a hard look at the finances.
“I think that job security was top of mind, so even if they did not lose their job and lucky enough to hold onto to them, I think they were spending as if they were unsure of the future,” Gonzalez said.
WalletHub’s credit card studies are performed annually and are based on an analysis of the latest data available from TransUnion, the Federal Reserve, and the Bureau of Labor Statistics. According to WalletHub, Illinois households owe an average of $8,339 in credit card debt, down $491 dollars from $8,830 in the first quarter. Due to the first and second quarter pay downs, the United States is projected to end the year with a reduction in credit card debt for the first time since the Great Recession of 2009.
