The Coronavirus’ Effect on the Banking, Mortgages & Credit Industry, Business and Industry Trends Analysis

The economic and health uncertainties caused by the Coronavirus led businesses and consumers alike to curtail spending and, where possible, increase savings.  Consumers paid down debt on their credit card accounts at a record rate. Credit card usage dropped in 2020, while debit card usage soared.  Using a debit card is effectively the same as paying cash, enabling consumers to avoid debt.  Meanwhile, methods and technologies that enable both businesses and consumers to make touchless payments and online payments boomed at incredible rates—boosting payment platforms like PayPal, Venmo and Zelle.  Consumers quickly replaced much of their physical, in-store shopping with…

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