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Dozens of major U.S. retailers have raised interest rates on store-branded credit cards to record highs, with at least 50 companies, including Big Lots and Macy’s, increasing APRs significantly ahead of the Federal Reserve's rate cuts. The average APR on store cards surged by 1.52 percentage points from September 2023 to September 2024, driven by profit motives amid sluggish sales and rising credit card debt. Consumers are cautioned to reconsider signing up for these cards, as many may not fully understand the financial implications.
Americans are increasingly embracing remote work flexibility, with nearly half of employed travelers planning to work during their holiday trips, a significant rise from last year. High earners and millennials are leading this trend, prioritizing travel despite economic concerns, while many are finding ways to save costs, such as driving instead of flying. As remote work becomes a key factor for job seekers, understanding company policies on working from different locations remains essential.
A recent report reveals that 27% of Americans are engaging in "doom spending," driven by anxieties over the presidential election and economic concerns. This trend is particularly pronounced among younger generations, with 39% of millennials and 37% of Gen Zers participating. As credit card debt rises, especially among these demographics, experts warn that such spending habits could lead to long-term financial challenges.
"Slow shopping" is gaining traction this holiday season, with 73% of consumers adopting a more mindful approach to avoid impulse purchases. This trend encourages shoppers to take their time, track prices, and save for big-ticket items, ultimately leading to better financial decisions. As spending is expected to rise to nearly $1 trillion, planning and budgeting are crucial to avoid debt, especially with many still carrying balances from last year.
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