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Although 2020 was a year that most people would like to forget, many Americans were able to significantly reduce credit card debt.
According to a study released Monday by WalletHub, a personal finance website, Americans collectively got rid of a record $ 82.9 billion in credit card debt.
A stack of multicolored credit cards. (iStock)
The figure is significant, as consumers have added an average of $ 54.2 billion annually in credit card debt over the past decade.
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The US still has a long way to go to pay off the nearly $ 1 trillion that Americans collectively owe to credit card companies – although the prospect of reducing the debt to zero is highly unlikely to ever happen.
According to the outlet, the country’s average household balance and credit card debt will rise as the economy begins to reopen amid declining COVID cases.
The WalletHub report, citing data from TransUnion and the Federal Reserve, showed that Oxnard, California paid off the most debt ($ 65.3 million), and Burlington, Vermont, added the most ($ 49.9 million ).
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WalletHub analyst Jill Gonzalez told CNBC that 2020 was the second year in more than thirty years. The first year was in 2009, at the height of the Great Recession.