Credit Card Debt and the Pandemic

Americans typically only save about a third of what they should because the savings rate is somewhere between 7 to 8%. You can see pre-pandemic that was had a little variation up, a little variation down. But then the pandemic happened and you see because that first stimulus check of $1,200 popped out there under President Trump. That's where companies were getting stimulus from the government. And then you see that credit card debt comes down. Savings rates spike way up, well above 30%.