Wednesday, June 28, 2023

The Daily Money: Costco cracks down on non-members

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Wed Jun 28 2023

Charisse Jones | Economic Opportunity Reporter

Happy Hump Day! It's Charisse Jones with your Daily Money headlines.

First Netflix. Now Costco.

The wholesale club is cracking down on non-members shopping there using a member's card in the self-checkout lane.

Officially, Costco's rules haven't changed. But you're more likely to have to show your membership card, which includes your photo, when you're checking out at the chain's increasingly common self-service stations.

"We don't feel it's right that non-members receive the same benefits and pricing as our members," Costco said in a statement given to USA TODAY. '"Costco is able to keep our prices as low as possible because our membership fees help offset our operational expenses, making our membership fee and structure important to us.''

Gen Z's debt is growing, but that's not all bad

The 18-to-26 year-olds who make up Gen Z have roughly tripled their overall debt load in the last two years, but that's not necessarily bad news.

Not counting mortgages, the debt carried by Gen Zers rose 99%, a bigger uptick than any other generation. When you factor in housing loans, Gen Zers collective debt leaped by 179%, or an average of $10,797, to $34,133, according to a Lending Tree report.

But the accumulation of more debt can be attributed to a variety of factors including Gen Z simply getting older, earning higher income and becoming more confident consumers.

Costco is cracking down on non-members

Reviewed/Walmart/Costco/Kroger

"The oldest Gen Zer is 26 now," said Matt Schulz, LendingTree's chief credit analyst. "They've had time to establish some credit, so their credit score is rising, meaning they're more likely to qualify for loans, and the loans they get are more likely to have better terms."

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Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.