The retail reckoning could be coming.

With student loan payments returning this fall, retailers have told investors that sales are likely to face headwinds in the coming months as Americans put more money into chipping away at their combined $1.75 trillion of educational debt.

On the flip side:

Bloomberg columnist Leticia Miranda posited that consumers aren’t necessarily pinched, they’re just bored with material goods.

Either way, you know retailers are wishing these weren’t resuming until after the holiday shopping and return season.