Visa Says America's Love for Credit-Card Debt Buoyed Profit
- Company says growth in credit-card business lifted results
- Network boosts forecast for full-year adjusted earnings
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Visa Inc. has found the upside in America’s addiction to credit-card debt.
Spending on the firm’s U.S. credit-card products climbed 11 percent to $493 billion during the fiscal third quarter, when outstanding card debt reached a record in the country. Visa, the world’s largest payments network, has benefited from an increase in consumer spending, Chief Executive Officer Al Kelly said.