I don’t know, I’d say that while credit card debt might be down it doesn’t necessarily mean credit card or debit card usage is down. For instance, many of the places I go really discourage cash now, especially the small time eateries. I guess this is to try to remain as contactless as possible.
I haven’t had to use cash for the past few months.
And ordering things online hasn’t gone down.
Maybe what this means sis for some people , some expenses have gone down. For example, folks in my household are probably spending 1/10th what use to be spent on gas since we no longer need to drive everyday, and the few days we do drive, we aren’t stuck in traffic. Just an example.
Also, working from home, people probably are eatting out less during the day during work hours.
Some might have gotten rid of daycare expenses. Some might have cut out all the expenses associated with kids and kids activity since they are all closed.
My cash reserves have gone way up because many of the things I use to spend money on are not applicable during covid. But my credit card usage has gone quite up.
