Consumer credit usage in Canada during the coronavirus pandemic
利用加拿大主要征信机构的月度数据，研究了个人信用卡和房屋净值信贷额度的使用变化，发现疫情期间消费者信贷余额普遍下降，表明他们未增加债务负担就满足了财务需求。
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.