How Bad are Financial Strains in the U.S. in Times of the Pandemic?

Friday, May 15th, 2020
Updated: May 15th, 2020
The content is accurate at the time of publication and is subject to change.

So far, no one can say for sure when the coronavirus pandemic will end. To assess the current financial situation of Americans, CreditCards.com has recently conducted two surveys of credit card debt during the COVID-19 outbreak. The surveys were conducted in March and April with over 2,000 U.S. adult respondents. Here are the key findings:

  • 23% of credit card debts in the U.S. have increased in the period of the COVID-19 outbreak;
  • The number of credit cardholders with debt went up by 5% per month – up to 47%, which is about 120 million debtors;
  • Among those whose debts got deeper there are 34% of millennials, 23% Gen Xers and 15% of baby boomers;
  • 63% of adult credit cardmembers in the United States are concerned about making their monthly payments on credit cards. The poll says that these worries are close to 71% of women and 54% of men;
  • 60% of debtors are going to solve the issue by paying more than the minimum required, while 13% want to apply for a balance transfer credit card, 7% will turn to the issuer for assistance (12% of millennials, 6% of Gen Xers, and 4% of baby boomers), and 6% pin their hopes on personal loans.
  • At the same time, 9% are not to pay anything at all and 4% haven’t made up their mind yet.

If the coronavirus impacted on your financial standing and made your debts bigger, now you know that you are not the only one. However, we recommend that you do not aggravate the situation. You definitely shouldn’t be among those 9% who just let it go by itself.

In case the situation seems hopeless to you, remember that many banks now offer assistance to their customers affected by COVID-19. In most cases, you simply need to contact your credit account issuer and ask for help. You may be offered extension on monthly payments, relief from late payment fees, or some other individual terms.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest No / Limited Credit Card News

Wednesday, March 11th, 2020

A recent CreditCards.com poll showed that 6 million or 8% of parents in the U.S. have at least one child using a credit card. Of course, children can’t apply for their own credit card until they turn at least 18, but most issuers allow to add them to their parents’ card accounts as authorized users.

Tuesday, January 21st, 2020

The wedding season is coming up—meaning brides and grooms-to-be are busy tasting wedding cakes, refining guest lists, and booking photographers. But there’s something else they should add to their to-do list, financial advisors warn.

Wednesday, December 18th, 2019

Webbank, a state-chartered industrial bank headquartered in Salt Lake City, Utah, has just introduced the enhanced cash back for its Petal® Visa® Credit Card. Starting December 19, all Petal cardholders who use the Petal mobile app can notice new special offers. These deals are supposed to give cardmembers access to up to 10% cash back with eligible merchants […]

Wednesday, July 4th, 2018

They say knowledge is power. And in the case of credit scores, it seems to be true.

A recent survey by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, found that people who had recently gained access to their credit score knew more about how credit scores are calculated than those who are unaware of their scores.

Wednesday, January 3rd, 2018

New reward options for Chase card users may get them to download and use a mobile wallet app, even if they’ve been reluctant to do so before. Chase Freedom is offering 5% cash back on up to $1500 in purchases over the first quarter of 2018, when they make purchases with Chase Pay, Apple Pay, Android Pay, or Samsung Pay.

Best Credit Offer
Horizon Gold
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Badcredit.com Badcredit.com
Copyright © 2001-2020 BestCreditOffers.com All Rights Reserved.

*See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by BestCreditOffers.com. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

Disclosure: Not an access card.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.