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- Publisher
- Wiley
- Copyright
- © 2022 Canadian Economics Association
- ISSN
- 0008-4085
- eISSN
- 1540-5982
- DOI
- 10.1111/caje.12544
- Publisher site
- See Article on Publisher Site
Abstract
The recent COVID‐19 pandemic has devastated economies worldwide. Using detailed, monthly data from a major consumer credit reporting agency in Canada, we have examined individuals’ use of credit cards and home‐equity lines of credit (HELOCs). We found a dramatic leftward shift in the distribution of credit card and HELOC outstanding balances, providing evidence for a widespread reduction in credit usage. Our findings suggest that, during the COVID‐19 recession, Canadian consumers were able to meet their financial needs without increasing their debt burdens. These results complement other findings concerning a decline in consumer spending and the results of government assistance programs, and imply that the economic consequences of this pandemic are very different from those in other recessions.
Journal
Canadian Journal of Economics/Revue Canadienne D'économique – Wiley
Published: Feb 1, 2022