A study from personal finance website WalletHub released Monday found that American credit card debt dropped by a record $83 billion last year, The Hill reported. “While 2020 was a year to forget in most respects, Americans excelled in terms of paying off credit card debt, getting rid of a record $82.9 billion in debt. This is a major accomplishment, considering that consumers have added an average of $54.2 billion in credit card debt per year over the past 10 years,” WalletHub wrote in its analysis. Though credit card debt plunged last year as most of the country went into quarantine amid the coronavirus pandemic, WalletHub notes in its report that the average household debt remains high at $8,089 and the U.S. collectively owes more than $1 trillion to credit card companies. The website compiled its report using data from the Census Bureau, Federal Reserve and TransUnion.
