Money Management in 2020 and Beyond: This Year’s Top Posts
ByMolly Zilli
UpdatedSep 17, 2025
- In 2020 COVID caused a lot of changes and financial stress.
- Key topics include budgeting, building up an emergency fund, and knowing where your money is going every month.
- Despite various coronavirus, stimulus measures debt remained a top priority for many households.
Table of Contents
This year has been called a lot of names. “Dumpster fire,” “train wreck,” and “roller coaster” are a few of the tamer examples. And aside from the obvious stress we’ve endured thanks to Covid-19, many of us have also struggled financially, despite coronavirus stimulus packages and other efforts.
But if we’re lucky, with experience comes wisdom. And since it feels like we’ve squeezed seven years into one, maybe we’re moving forward even wiser than we realize. So, as we emerge from the emotional and financial bar brawl that has been 2020, let’s pick ourselves up, dust ourselves off, and march into 2021, bruised perhaps, yet determined.
To help you start off the New Year with the benefit of hindsight in money management, here is a round-up of the knowledge we gathered from our top 10 posts of 2020.
Money management 101
There’s nothing like a crisis to make you realize how well — or not — you’re managing your finances. This year has served as a sobering reminder of how important it is to make and keep a budget, build up an emergency fund, and know where your money is going every month. Here are some helpful money management posts from 2020:
Even if you’ve been less than disciplined up to this point, there’s no time like the present to make a fresh start and begin building new financial habits.
Coronavirus stimulus efforts
There are few people who can say they weren’t adversely affected by COVID-19 and the lockdown measures enacted in response. Businesses have stalled or closed completely, workers have lost their jobs, and of course some have lost loved ones. Consequently, legislators have tried to provide some assistance, which we covered for our readers this year:
Of course, while these governmental band-aids may help in the short term, they can’t replace sound money management and debt strategies by individuals and families. So, while it’s good to know what help is available to you, it’s best to pair that aid with long-term planning to improve your overall financial well-being.
Debt management strategies
Unfortunately, the financial strain of 2020 sent many people further into debt, despite various coronavirus stimulus measures. So, on top of the stress of a global pandemic and a chaotic election year, you may be wondering about your options for debt management or loan forbearance. Here are our top blogs with information on these programs.
While 2020 has seen an increase in debt for some families, it’s also provided us the opportunity to take a hard look at what our essential expenses are, what we can do without, and how important it is to get out of debt as quickly as possible while managing our finances better. So, even though we don’t know what 2021 will entail, we can at least march into it with more knowledge and resolve to get our financial houses in order (we might as well, since we’re still stuck at home for a while).
Stay informed and equipped with the tools you need
Whether you’re struggling to get by or simply need to get out of debt as soon as you can, having the right information and strategies can make all the difference. So, as you make new resolutions and work to improve your money management skills, come back and visit our blogs for free news and information throughout 2021. From updates on coronavirus stimulus laws, to proven strategies for controlling your debt, we can help you stay informed and make the right decisions for your financial future.
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Debt relief stats and trends
We looked at a sample of data from Freedom Debt Relief of people seeking a debt relief program during August 2025. The data uncovers various trends and statistics about people seeking debt help.
Credit utilization and debt relief
How are people using their credit before seeking help? Credit utilization measures how much of a credit line is being used. For example, if you have a credit line of $10,000 and your balance is $3,000, that is a credit utilization of 30%. High credit utilization often signals financial stress. We have looked at people who are seeking debt relief and their credit utilization. (Low credit utilization is 30% or less, medium is between 31% and 50%, high is between 51% and 75%, very high is between 76% to 100%, and over-utilized over 100%). In August 2025, people seeking debt relief had an average of 73% credit utilization.
Here are some interesting numbers:
| Credit utilization bucket | Percent of debt relief seekers |
|---|---|
| Over utilized | 30% |
| Very high | 32% |
| High | 19% |
| Medium | 10% |
| Low | 9% |
The statistics refer to people who had a credit card balance greater than $0.
You don't have to have high credit utilization to look for a debt relief solution. There are a number of solutions for people, whether they have maxed out their credit cards or still have a significant part available.
Credit card debt - average debt by selected states.
According to the 2023 Federal Reserve Survey of Consumer Finances (SCF) the average credit card debt for those with a balance was $6,021. The percentage of families with credit card debt was 45%. (Note: It used 2022 data).
Unsurprisingly, the level of credit card debt among those seeking debt relief was much higher. According to August 2025 data, 88% of the debt relief seekers had a credit card balance. The average credit card balance was $16,101.
Here's a quick look at the top five states based on average credit card balance.
| State | Average credit card balance | Average # of open credit card tradelines | Average credit limit | Average Credit Utilization |
|---|---|---|---|---|
| Oklahoma | $15,098 | 7 | $24,102 | 77% |
| South Carolina | $15,042 | 9 | $28,791 | 76% |
| Ohio | $14,642 | 9 | $27,261 | 76% |
| Alaska | $21,166 | 8 | $25,731 | 75% |
| Georgia | $17,017 | 8 | $26,156 | 75% |
The statistics are based on all debt relief seekers with a credit card balance over $0.
Are you starting to navigate your finances? Or planning for your retirement? These insights can help you make informed choices. They can help you work toward financial stability and security.
Tackle Financial Challenges
Don’t let debt overwhelm you. Learn more about debt relief options. They can help you tackle your financial challenges. This is true whether you have high credit card balances or many tradelines. Start your path to recovery with the first step.
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Author Information
Written by
Molly Zilli
Molly Zilli is an attorney and freelance researcher and writer based in California. With extensive experience working for trusted legal and HR companies, she has a passion for bringing important, accurate, and helpful content to professionals and consumers alike.
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