Americans Are Opening Fewer Credit Cards. Here's What That Could Mean

·4 min read

The first quarter 2021 Household Debt and Credit Report from the Federal Reserve Bank of New York shows that most sections of the economy have felt the impacts of the pandemic. The credit card industry, in particular, has seen a few twists over the last 18 months. For example, the combination of sluggish retail and stimulus checks helped average credit card balances hit historic lows as cardholders both charged less and paid off debt.

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