Yes, there are a number of factors.
Part of it is the incredible interest charged on balance these days.
I don’t carry a similar card to Macy’s these days, so I don’t know their rates. I’m paying anywhere from 17 to 29.5% on my other cards.
In the old days that would indicate a poor credit risk, missed payments or some such.
I have a good credit rating today. I haven’t had an intentional late payment in over a decade. Twice about three years apart, I was late a few days due to a clerical error.
I pay off my computer, and very rarely I accidentally erase an account from my list. I took measures to correct that problem and it hasn’t happened in about four years.
What I find really annoying, is when I run my balance up and I get a letter from a company upset that my balance is near the top. Good grief. If they don’t like my interest payments, they shouldn’t give anyone credit.
At any rate, I think companies like Macy’s are out of vogue. Even McDonald’s is having a hard time these days.
There are tens of millions of people out of work these days, and those working aren’t making what they used to. Another factor is that wages haven’t significantly increased since the early 1990s. Inflation didn’t stop.
Money is in short supply.
Our nation is in serious decline, and folks don’t really realize it.
Especially the half of America who gets a significant part of their income from Uncle Sam. I've noticed the EBT Card crowd still manages to buy food that I can't afford and, in more cases than not, drive away in cars I can't afford either.