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A new report released by the Federal Reserve has revealed that personal loan growth has decreased sharply in recent months. According to the report, personal loan growth was up just 1.1% in the second quarter of 2020 compared to the same time period last year. This marks a significant drop from the 4.3% increase seen in the first quarter of 2020.

The report attributes the dramatic decrease in personal loan growth to the economic downturn resulting from the COVID-19 pandemic. With many businesses and individuals facing financial hardship, fewer people are taking out loans due to their uncertain economic situation.

The report also found that credit card debt was down by 2.2%, indicating that many consumers are taking steps to reduce their debt burden. This is likely due to the fact that many people are attempting to conserve their cash and reduce their spending in order to make ends meet.

The report concludes that the decrease in personal loan growth and credit card debt is likely to continue in the coming months as the economic situation remains uncertain. It is likely that consumers will remain cautious with their spending and continue to be hesitant about taking out new loans until the economic outlook improves.

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