Consumer Finances May Be in Better Shape Because They've Cut Back on Spending, BofA Says

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Consumer Finances May Be in Better Shape Because They've Cut Back on Spending, BofA Says

//business-finance.news-articles.net/content/202 .. ause-they-ve-cut-back-on-spending-bofa-says.html

Published in Business and Finance on Tuesday, April 22nd 2025 at 19:01 GMT by Investopedia
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Across the income spectrum, fewer Americans have a revolving credit card balance, Bank of America said.

According to a Bank of America report cited by Investopedia, U.S. consumer finances may be in better shape due to reduced spending, which has led to increased savings and lower debt levels. The report indicates that consumer spending has been below pre-COVID levels, contributing to a rise in the personal savings rate to 13.1% in June 2023, up from 3.4% in 2019. Additionally, credit card balances have decreased, and the percentage of consumers missing payments has dropped to 1.5%, the lowest since April 2022. Bank of America suggests that these trends could help consumers weather potential economic downturns, although they caution that the situation could change if spending patterns shift back to pre-COVID norms.

Read the Full Investopedia Article at:
[ https://www.investopedia.com/consumer-finances-may-be-in-better-shape-because-they-have-cut-back-on-spending-bofa-says-11720016 ]

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Consumer Finances May Be in Better Shape Because They've Cut Back on Spending, BofA Says