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Consumer Bankruptcies Hit a Record Low in 2020's Fourth Quarter

Consumer Bankruptcies Hit a Record Low in 2020's Fourth Quarter

Consumers who rack up piles of debt and fall far behind on it often resort to bankruptcy. According to a new report by the Federal Reserve Bank of New York, about 121,000 consumers had a bankruptcy filing added to their credit reports in 2020's fourth quarter. Of course, there were a number of consumer protections that were put into place during the pandemic that may have contributed to this decline.