Retailers could lose $9B in holiday sales from declining credit

12/23/2009 | Bloomberg

Contracting consumer credit could slash holiday sales by nearly $9 billion in the U.S., said Britt Beemer, chairman of America's Research Group. If lenders had not been rejecting more credit card applications and reducing the credit limit on account holders, sales likely would have gained 0.8% for November and December, Beemer said. Instead, they could fall 1.2%.

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