QuoteWizard: American Debt Dropped During The Pandemic

Americans made a dent in their debts during the pandemic, according to a new study from QuoteWizard. Analysts for QuoteWizard, an online lead generation marketplace for insurance, monitored thirty-three debt metrics between February 2020 and October 2020. They found that credit scores improved, people made more payments on their student loans, and the number in debt collection dropped. Nationally there was a 10% decrease in subprime credit scores and a 2% decrease in debt collection. Student loan delinquency and credit card delinquency both fell, by 32% and 31% respectively. “Americans having less debt has broader implications across the whole economy. The better your credit score, the less you are going to pay on everything from auto loans and home mortgages…