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Chart showing U.S. citizens are owing less on their debt.

While nearly 40% of Americans still have lower income than before the start of the COVID-19 pandemic a year ago, the number who has recovered continued to grow and many of them expect to increase spending in the months ahead, according to a TransUnion survey released Tuesday.

The Chicago credit reporting agency found 38% of Americans said their household income remains negatively impacted by the pandemic – significantly down from 53% in late March 2020, just weeks after the World Health Organization declared COVID-19 a pandemic.

The study is based on an online survey of 2,995 adults conducted Feb. 26–March 1, the 16th survey conducted since March 2020. TransUnion called previous reports its “Financial Hardship Study,” but with this one it is renaming them its “Consumer Pulse” reports.

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Jim DuPlessis

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