Consumer credit stress moves up the income ladder

accelerating Consumer since Jul 20, 2026

Conviction

3/5

Horizon

12 mo

7-day evidence

30-day evidence

Total

Title

Thesis

Pillar

Conviction

Horizon (mo)

Tickers (csv)

Themes (csv)

What to watch for next

Notes

Thesis

Delinquency rates that started in sub-prime are now rising in the middle tiers, while scale retailers take share from trade-down.

Watching for next

A prime-borrower delinquency uptick in a large card issuer's monthly data.

Tickers

V,MA,BAC,JPM,TJX,WMT

Themes

consumer,credit

Evidence trail

7 items

Date	Source	Title / Why it matters	Material	Sent
Oct 05	Northbridge Review V	Visa Inc.: a read-across for consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	61	+
Oct 04	Northbridge Review TJX	TJX Companies, Inc. (The): a read-across for consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	84	0
Oct 04	The Ledger Post TJX	TJX Companies, Inc. (The): new data point on consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	61	0
Oct 02	Meridian Wire JPM	JP Morgan Chase & Co.: management commentary on consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	73	0
Sep 22	Harbor Daily TJX	TJX Companies, Inc. (The): a read-across for consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	62	−
Sep 21	Signal & Noise WMT	Walmart Inc.: the latest on consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	75	0
Sep 19	Meridian Wire JPM	JP Morgan Chase & Co.: new data point on consumer credit stress moves up the income ladder Adds to the case that consumer credit stress moves up the income ladder.	40	+