The largest credit-card companies are preparing for the ecconomy to get worse, which could mean more customers can’t pay their bills, Imani Moise of The Wall Street Journal reports. According to the latest earnings reports, banks and credit card companies are trying to get ahead of it, but delinquencies are already rising and are in line with levels from before the pandemic. JPMorgan Chase (JPM) and Citigroup (C) added money to their rainy-day funds, Synchrony (SYF) is tightening its lending standards, and U.S. Bancorp (USB) is looking for a more affluent customer base.
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