Household debt still lower than pre pandemic levels

Much has been soften on consumer credit card debt as of late. What’s been missing is that credit utilization is still below pre-pandemic levels, as is general debt service payments.

People are still carrying low debt and payments relative to their income, as compared to the prior 10 year period.

Levels may have dropped during the pandemic due to debt relief and direct payments… but what they’ve normalized to suggests a very healthy and prudent consumer has emerged from the crisis.