DOZENS OF RETAILERS JACKED UP INTEREST RATES ON STORE CARDS AHEAD OF FED CUTS
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✍️ Dozens of US retailers and their bank partners raised interest rates on store-branded credit cards to record highs before the Federal Reserve began cutting rates, aiming to pad profits during a period of sluggish sales.
👉 50 major US retailers raised interest rates on their credit cards between September 2023 and September 2024 👉 Some retailers raised rates by as much as 6 percentage points 👉 Retailers aim to pad profits during a period of sluggish sales 👉 Interest rates on store-branded credit cards are now at record highs 👉 Consumers may struggle to pay off their debt due to the rate hikes 👉 Alternative payment methods, such as buy now, pay later, are becoming more popular
-- #TedRossman #JasmineMatheney #BrianRobin #PaulLejuez #AdrianMitchell #Michigan #SouthernCalifornia #business
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