2020 Has Been a Scary Year for Debt

It’s been a year unlike any other. This video and infographic explore how we went from optimism to being thoroughly spooked by debt.

2020... a scary year for debt
2020 Has Been a Scary Year for Debt Infographic

2020 Has Been A Scary Year for Debt It started with optimism, but the pandemic took a financial toll. As of January 2020, 74% of Americans said they will be better off financially in a year. https://news.gallup.com/poll/284264/record-high-optimism-personal-finances.aspx In the second quarter of 2020, total household debt decreased for the first time since 2014. https://www.newyorkfed.org/newsevents/news/research/2020/20200806 But then, COVID-19 scared the market… And the unemployment rate skyrocketed to 14.7%, the highest since the Great Depression. https://www.cidrap.umn.edu/news-perspective/2020/05/us-job-losses-due-covid-19-highest-great-depression In 2019, only 15% of workers worried about getting laid off. In 2020, 27% do. https://news.gallup.com/poll/312503/workers-worries-spike-amid-covid-economic-impact.aspx If you aren’t feeling good about your money, you’re not alone. But don’t worry. Here’s the best news: Consolidated Credit isn’t scared of your debt. You don’t have to be, either.

Use this infographic

<a href="https://www.consolidatedcredit.org/infographics/2020-scary-year-for-debt/" target="_blank"><img src="https://www.consolidatedcredit.org/wp-content/uploads/2020/10/plaugeIG-edited.jpg" alt="2020 Has Been a Scary Year for Debt Infographic" class="img-fluid" /></a>