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High bankruptcy rates related to retail credit card debt may reduce spending, impacting BFH's revenue. Retail credit stress can lead to broader economic downturns affecting BFH's market performance.
What happened, with direct paths to the underlying reporting
Retail bankruptcy filings with credit card debt rise faster than overall filings. Average interest rates on retail credit cards reached 30.45% in September. Consumers struggle to pay debts with increased late fees and high interest. Banks maintain high rates despite a federal court ruling against fee caps. The Consumer Bankers Association emphasizes the importance of retail credit cards.
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