10-Q Detective spotted this warning in Nordstrom’s third quarter 10-Q reporting. The rates of default on Nordstrom’s credit cards, geared to the higher-end shopper, has risen dramatically with write-offs on credit debt rising in the last 9 months from 3.4% to 5.7%.
Earlier, I posted about the likelihood that credit card companies might be the next industry with its hat out for some Fed $$$ love. If Nordstrom’s is having trouble with writing off card debt, what’s going on at the lower-end?
Reading Tea Leaves by Randy Wilson 