Didn't pay your Macy's bill? Expect a text from Citigroup

The trouble for lenders like Citigroup Inc is that the debt is actually owed to them. Citigroup, the fourth-largest U.S. bank by assets, said on Friday that it is having trouble collecting on store-branded cards, which is leading to higher losses. To reverse that trend, the bank has been stepping up its outreach to shoppers who finance purchases from chains like Macy’s and Sears with Citigroup store-brand credit cards which the bank has stood behind for more than a decade.

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Source:: https://finance.yahoo.com/news/didnt-pay-macys-bill-expect-text-citigroup-050742361–sector.html

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