Credit Card Balances Are Up 67% This Year
Over the past year, the median credit card balance of SaverLife members has hovered right around $400-$500. Everything changed following the COVID-19 crisis — balances starting climbing, and by the beginning of May, median credit card balances jumped 33% from the beginning of April.
Generally speaking, credit card debt levels are higher in 2020 vs. 2019. This is particularly concerning because the months following tax season usually have the lowest balances seen throughout the year — the median credit card balances as of May 1st 2020 is 20% higher than the median balance on the same date in 2019.
Balances have increased 67% from January 1st to May 1st, 2020. To compare with last year, balances went down 10% in the same timeframe.
