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Consumers are paying down debt

CNN 05/12/2020

The U.S. economy needs consumers to spend to pick back up again, but the nation’s citizens, concerned about what the coronavirus pandemic may mean for their futures, are paying off credit cards and otherwise trying to get their financial houses in order. Revolving credit debt in March fell by 31 percent, its largest one-month decline since 1989, according to a report issued by the Federal Reserve Bank.

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