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BFH operates in a similar financial space. Increased profits from higher credit card rates favor financial service firms involved in consumer credit.
What happened, with direct paths to the underlying reporting
Banks maintain high credit card rates despite losing CFPB rule. Synchrony and Bread Financial show strong earnings, not rolling back rate hikes. Retail card interest rates average 30.5%, affecting consumers significantly. Over 160 million retail card accounts exist, primarily supporting retailers' profits. High-interest retail cards target subprime borrowers, causing financial strain.
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