The Daily Valet. - 6/28/21, Monday

✔️ A Big Dip

Monday, June 28th Edition

Cory Ohlendorf, Editor in Chief of Valet.

May your Monday be good ... and your credit card bills be low.

Cory Ohlendorf, Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

Credit Card Debt Dips

Lenders battle for borrowers as the economy rebounds

Has your mailbox and inbox been filling up with more credit card offers lately? So has mine. According to one tracking firm, online solicitations for new card customers jumped 85% last month year on year as lenders trotted out enhanced rewards, higher credit limits and low promotional rates.

Why? Simply put, Americans who didn’t lose their jobs spent less, saved more and used excess cash from stimulus programs to pay down debt. So they have little use for new credit.

Overall, consumers shed almost $160 billion in credit card debt during the pandemic, about a 15% reduction, compared to the beginning of 2020, reports the Boston Globe.

At the individual level, Experian reported an average balance of $5,315 at the end of 2020, down more than 14% from $6,194 towards the end of 2019. Meanwhile, the American Bankers Association found the share of revolving accounts hit an all-time low for the second straight quarter in Q4 2020, while cardholders who pay their bills in full each month hit a record-high of 35.1%.

What does this mean for you? According to the Financial Times, you might be able to get a better deal managing the debt you’re currently carrying (unless you’re one of those studious consumers paying off your bill each month).

Among the primary tools making a resurgence are balance transfer offers that effectively poach loan balances from competitors. The promotions apparently quadrupled last month after mostly disappearing last year when most issuers were battening down the hatches in anticipation of a wave of defaults that never materialized.

↦ FYI: The average millennial has over $4,000 in credit card debt—other generations have more.

A Brutal Tour de France Crash

A fan caused one of the worst pileups in the history of the race

This is why we can't have nice things. You think adults would be able to watch a bike race from the sides of the road. But no, perhaps next year's Tour de France will have barricades along all 122 miles of the legendary race course.

Because an oblivious spectator caused a massive pileup when she stepped onto the road wagging an oversized cardboard sign along the first stage of the race on Saturday.

She was evidently trying to get the attention of the TV cameras and wasn't looking while stepping slightly onto the road and into the path of the cyclists who were fast approaching. The collision was a domino effect, resulting in dozens of riders crashing and one rider having to pull out of the race all together.

French police on Sunday were still looking for the spectator, but the Tour de France said they will be filing a lawsuit. “We are suing this woman who behaved so badly,” Pierre-Yves Thouault, the organization's deputy director, told AFP. “We are doing this so that the tiny minority of people who do this don't spoil the show for everyone,” he said.

↦ Watch It: Of course, the whole collision was caught on tape.

Partner

Need some new clothes? When this sale rolls around, you definitely don't sleep on it.

A New Test to Find Cancers Early

It can detect 50 different kinds of cancer before any symptoms occur

Here's some promising news to kick off the week: A new type of blood test will be rolled out this fall by NHS England that can detect 50 different types of cancer before any clinical signs of the disease emerge in someone.

It is able to identify many types of the disease that are difficult to diagnose in the early stages such as head and neck, ovarian, pancreatic, oesophageal and some blood cancers. And it's proven to be effective enough to be rolled out as a screening test, scientists have said.

According to The Guardian, the test, developed by U.S.-based company Grail, looks for chemical changes in fragments of genetic code—cell-free DNA (cfDNA)—that leak from tumors into the bloodstream.

The test correctly identified when cancer was present in 51.5% of cases, across all stages of the disease, and incorrectly detected cancer in just 0.5% of cases. It also correctly detected which tissue in the body the cancer was located in 88.7% of cases. Of course, the earlier you detect cancer, the better your chances are for successful treatment.

↦ FYI: According to the World Health Organization, cancer is a leading cause of deaths worldwide, accounting for nearly 10 million lives in 2020.

How the Pandemic Changed Dressing

Restaurants, offices are changing their long-held formal policies

For the first time in its 35-year history, Manhattan's Le Bernardin is letting male patrons order its tasting menu or a bottle of Burgundy without wearing a sportcoat.

The decision, reports the Wall Street Journal, was driven by hygiene concerns. Pre-pandemic, between around 10 men a night would be handed a loaner jacket for the evening. Galatoire's, a jacket-required stickler in New Orleans, also stopped giving out germ-magnet loaners.

Then there's the question of work. After more than a year of working from home in sweats, some people are conflicted on what they want to wear—and what's appropriate for this new corporate environment we find ourselves in.

As companies begin to contemplate return-to-work strategies such as considering how many days per week employees should be in the office, Forbes says they should also consider whether it's time to update their dress code.

↦ Meanwhile: We're seeing that guys are already buying more clothes. So take this as an opportunity to try something new , like me.

In Other News

↦ Before Miami Area Building Collapse, Over $9 Million In Repairs Were Needed

↦ U.S. Launches Airstrikes Against Iran-backed Militias in Iraq, Syria

↦ Why Do so Many Guys Furrow Their Brows When They Look in the Mirror? An Investigation.

Other Things We’re Talking About Today

The story behind this famous logo

Edible gardens

The ‘Dune’ delay

Partner

Save Big During This Rare Sale

MR PORTER rarely has markdowns, so take advantage while you can

There's a reason why MR PORTER is one of our go-to spots for the best brands and latests styles. The premier retailer has any and everything, from clothing and accessories to grooming and fitness gear.

And right now, a large selection is on sale. We're talking discounts up to a whopping 60% off. And you won't find these pieces anywhere else—especially at these prices.

We've pulled a few of the items that have us most interested, but get shopping and find what works for you ... before everything sells out. Because it definitely will.

Clockwise, from top left:Myrrh & Tonka cologne, $185 / $129.50 by Jo Malone London; UA Old Skool leather sneakers, $90 / $45 by Vans; New Fisherman chinos, $275 / $110 by Officine Generale; Country Free hiker sneaker, $180 / $90 by adidas + Human Made; Unstructured honeycomb-knit blazer, $1,185 / $592.50 by Boglioli Kei; Stretch-cotton needlecord shirt, $220 / $110 by Mr P.

↦ Shop the Sale: at MR PORTER

Stuff We Want

District Vision Spino Stretch-Shell Shorts

These are more than athletic shorts ($95). Sure, you can run in them—they're cut from lightweight, moisture-wicking fabric with anti-odor technology with a short enough inseam for optimal movement. But they're also stylish as hell. That's because they're from District Vision, the handsomely holistic sportswear brand—who just paired up with MR PORTER as part of the retailer's Health In Mind initiative. So wear these in good health, in any condition.

↦ See More: The five stylish items to buy this week

Partner

A Delicious Way to Get to Sleep

Sleep can sometimes feel like an indulgence. But it's an integral part of your health. Poor sleep affects our athletic performance along with our mood, stress levels and productivity. Behold the most advanced natural sleep gummy on the market. The team at ASYSTEM found most sleep aids and gummies on the market were either ineffective or overly medicalized—leaving you groggy the next morning. They set out to create a better alternative. They developed some tasty gummies formulated with real berries and natural ingredients like Lion's Mane, Holy Basil and Persian saffron. They deliver proven results, backed by clinical data. That means a solid night of quality sleep, so you wake up well-rested, refreshed and ready to tackle the day.

↦ Get It: From $39 at ASYSTEM