Credit Card Defaults Taking Down QVC

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Apparently QVC’s credit card division has been hit by an uptick in credit card defaults resulting in a bit of corporate downsizing…

In late October, Liberty Media said third-quarter profits dropped at its QVC home-shopping unit as the credit crunch slowed consumer spending and more customers missed payments on QVC-issued credit cards.

Some 27 percent of QVC sales are paid for with the company-issued credit cards, [Mike George, QVC's president and CEO] said.

“People are struggling,” George said. “QVC will be more careful, more conservative when opening up new Q-Card accounts.”

Say it ain’t so! They’re tightening down on Q-Card approvals. What is this world coming to? Perhaps QVC should re-organize as a bank and apply for bailout funds.

Apparently they’re laying off 900 workers in a jewelry distribution center, but adding 200 positions at a new distribution center elsewhere. The net loss of 700 workers repesents just under 6% of their total workforce.

Source: Daily Local via The Consumerist

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Published on November 14th, 2008 - Leave a Comment
Filed under: Credit Card News

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