Financial Intel Monthly

U.S. Credit-Card Debt Levels See Record Drop in 2020

Apr 2, 2021 7:50:32 AM / by The Retirement Group (800) 900-5867 posted in debt, 2020, record drop, United States

0 Comments

 

Despite the financial challenges experienced by Americans as a result of the coronavirus pandemic, U.S. credit-card debt dropped to record levels in 2020, decreasing by almost $83 billion.[1] This unprecedented drop was likely the result of individuals receiving financial assistance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and having access to more cash. Economic aid in the form of stimulus payments, suspended student loan payments, and broad state-sponsored unemployment benefits, allowed Americans to pay down their balances.[2] In fact, according to a U.S. Census Bureau survey, almost 60% of adults in households that experienced a loss in employment income during the pandemic used their second stimulus check to pay down debt.[3]
Read More

There's Still Time to Contribute to an IRA for 2020

Mar 3, 2021 10:21:00 AM / by The Retirement Group (800) 900-5867 posted in ERB, ESRO, Financial Planning, In Service Withdrawal, ira, Lump Sum, Option 1 Withdrawal, Pension, Pension Options, Retirement, Retirement Planning, 401K, 72t, Age Penalties, Benefit Commencement Date, Workshops, TRG, 2020

0 Comments

 

Read More

Check the background of this investment professional on FINRA BrokerCheck

TRG Guide

Subscribe to Email Updates

Lists by Topic

see all

Posts by Topic

See all

Recent Posts