Posts Tagged ‘Nordstrom’s’

Nordstrom’s warning: upscale card defaulters

December 12, 2008

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?