https://www.cnn.com/2023/08/23/business/credit-card-debt-macys/index.html
“The speed at which the increase occurred for us and the broader credit card industry…was faster than planned,” Adrian Mitchell, Macy’s chief operating officer and chief financial officer, told analysts during an earnings call on Tuesday, adding that this problem “accelerated” in June and July.
unbelievable. like, everytime you go to macys, they push down another credit card down your neck. even if you tell them you have two already.
these companies are literally earning 30%+ of their profit from the high interest rates charged to customers. and equally crazy are the customers that pay this much interest on stuff that macy's sells – hardly anything comes under basic necessity.
this article from 2017 called out the exact problem –
https://www.nytimes.com/2017/05/11/business/dealbook/retailer-credit-cards-macys-losses.html
“At Macy’s, the money from branded credit cards accounted for 39 percent of the company’s total profit of $1.9 billion last year, up from 26 percent in 2013, according to an analysis by Morgan Stanley”
this was back in 2017 itself.
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