Access to Credit Tighter for Consumers

The business of retail depends on consumers having access to credit instruments to make their purchases, and as we head into 2024, consumers are increasingly credit marginalized. Credit cards have been tapped to make holiday gift and related purchases, and as a result of all of this spending and the increasing debt load consumers are carrying these days, it's now reported that about 30% of consumers have low credit scores, that being 650 or less, and that has them being denied access to additional credit. All cuts into consumer spending and retail revenue.