Inland Region Sees Pandemic's Mixed Effect on Credit Card Debt
The coronavirus pandemic has had a mixed impact on credit card debt in the Inland Empire. According to Inland News Today, consumers in San Bernardino, Fontana and Ontario repaid millions of dollars in debt in 2020, but people in Riverside, Rancho Cucamonga and Moreno Valley increased their debt.
That list comes from a WalletHub report that shows average credit card debt in Inland Empire cities stands at nearly $15,000. Nationally the average household balance is $8,000.
The WalletHub report also shows Americans got rid of a record $82.9 billion in debt. Inland News Today repots this is a major accomplishment given that consumers have added an average of $54.2 billion in credit card debt per year over the past 10 years.