American Express beats forecasts, reporting lower delinquencies and charge-offs
Credit card industry executives likely breathed a sigh of relief today as American Express, Wall Street’s favorite pet, reported that write-offs on credit cards actually beat expectations for the later part of 2009. Write-offs, which are loans so overdue that they move past delinquency into pure, unavoidable losses for the company, were expected to be far greater since unemployment threatens to break into double digits and the economy has yet to rebound.
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