American Express Slump Signals Economic Strain - Consumer Finance Hub

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HOME :: RESEARCH :: CREDIT :: NEWS:: JUN 2008
American Express Slump Signals Economic Strain

American Express, the biggest U.S. credit card company by purchases and cash advances, said customers are falling further behind on their debt, signaling that the economy is worsening. "Business conditions continue to weaken in the U.S. and so far this month we have seen credit indicators deteriorate beyond our expectations," chief executive Kenneth Chenault said in a statement yesterday announcing that the company would receive as much as $1.8 billion in a settlement with competitor MasterCard.

read entire article on Washington Post

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