AMERICANS CAN PAY THEIR CREDIT CARD BILLS, BUT FOR HOW LONG?

The coronavirus pandemic hasn’t stopped Americans from keeping up with their credit card payments, thanks in large part to government relief programs passed by Congress earlier this year.

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For some, however, the ability to keep buying things with plastic and then pay the bill likely depends on whether current negotiations in Washington produce another round of economic aid. Many existing aid measures are set to soon expire.

The pandemic plunged the U.S. economy into a deep recession, costing millions of Americans their jobs and businesses. While the economy has recovered somewhat, the latest report on the job market shows the pace of hiring has slowed in the face of a wave of new COVID-19 cases.

While the banking industry has not shared industry wide statistics, the major credit card issuers — JPMorgan Chase, Bank of America, Citigroup, Capital One and American Express — have reported relatively stable delinquency rates despite the recession.

Even Capital One, which lends to borrowers who may be less creditworthy, reported a decline in delinquency rates since a momentary spike earlier this year.