Yesterday, the Consumer Financial Protection Bureau (CFPB) released its biennial report on the state of the credit card market for 2019-2020, which found overall declines in credit card debt and increases in digital engagement due to changing consumer habits from the pandemic.
Other key findings from the report include:
· Consumer balances fell in 2020 due to the pandemic, experiencing the largest 6-month decline in history in the second quarter, with over 25 million credit card accounts entering into some relief program in 2020;
· Since the last report in 2019, credit card issuers have lowered the range of their daily limits on debt collection calls for delinquent cards but have increased the use of email; and
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