Late credit card payments reduce retailers' profits

Late credit card payments reduce retailers’ profits

Varuhuset Nordstrom sa förra veckan att förseningar på deras butikskort nu är högre än nivåerna före pandemin. Rivalen Macy's sa att de förväntar sig att sena kreditkortsbetalningar kommer att minska kreditkortsintäkterna med 41 procent från föregående kvartal.

Department store Nordstrom said last week that delays on their store cards are now higher than pre-pandemic levels. Rival Macy’s said it expects late credit card payments to reduce credit card revenue by 41 percent from the previous quarter.

Payments on about $1.1 trillion of federal student loans will resume in October, potentially setting consumers up for a “payment shock” of $500 or more each month, according to a study by TransUnion.

“The US consumer is on thin ice coming into the final stretch of 2023,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management.

It sounds like the consumer can use all the help they can get, including high interest savings accounts.

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