According to a filing with the Securities and Exchange Commission, Cabela's Inc. said its credit card business' gross charge-offs rose in July. Gross charge-offs — accounts receivable that will likely not be collected and be written off — rose to 4.62% from 2.9% in July 2008.

In a note on the filing attained by the Associated Press, Credit Suisse analyst Paul Lejuez, said, “These credit metrics are increasingly important to monitor given their sensitivity to the weak consumer environment and the significant contribution of Cabela's credit card business to overall profitability…”The credit card business is still deteriorating and we expect this to cause continued pressure on overall results.”

He reiterated his “underperform” rating on the stock.