KEY POINTS
  • Because of the coronavirus crisis, consumers are paying down debt and saving more than they have in decades.
  • But there will likely be a surge in spending once people are vaccinated and Covid-related restrictions are lifted.

In many ways, the coronavirus crisis has paved the way to better budgeting.

Consumers are paying down debt and saving more than they have in decades. Many are leveraging low interest rates to refinance and lower their monthly bills.