Consumer Credit Card Payment Deferrals During the COVID-19 Pandemic

Stephanie M. Wilshusen
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Abstract

Abstract In response to the economic hardships stemming from COVID-19, many U.S. card-issuing banks offered measures to assist their customers who were financially affected by the pandemic. Unlike previous disaster assistance programs that were typically short in duration and localized, the COVID-19 pandemic affected millions of consumers across the country for a protracted period of time and required application of broad-based relief measures. These measures, along with federal and state stimulus and benefit payments, provided some stability to many consumers’ financial circumstances during the pandemic. It is important to consider how effective these measures have been at stabilizing consumer finances not just for those for whom these programs served as a bridge, but for those consumers who continue to need support after the programs have expired. This paper discusses several aspects of one relief measure implemented by banks during the pandemic: consumer credit card payment deferrals. Keywords: household finance, consumer credit, credit cards, payment deferral, COVID-19
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COVID-19大流行期间消费者信用卡支付延期
为应对新冠肺炎疫情带来的经济困难,美国多家发卡银行推出了帮助受疫情影响的客户的措施。与以往持续时间短、局部化的灾害援助计划不同,此次COVID-19大流行长期影响了全国数百万消费者,需要采取广泛的救援措施。这些措施,加上联邦和州的刺激措施和福利金,在疫情期间为许多消费者的财务状况提供了一定的稳定性。重要的是要考虑这些措施在稳定消费者财务方面的有效性,不仅对那些将这些计划作为桥梁的人,而且对那些在计划到期后继续需要支持的消费者。本文讨论了银行在疫情期间实施的一项救济措施的几个方面:消费者信用卡延期付款。关键词:家庭金融,消费信贷,信用卡,还款延期,COVID-19
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