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American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

By Matt Cantor, Newser Staff

Posted Jan 10, 2008 7:33 PM CST

(Newser) – With consumer spending slowing and credit defaults on the rise, American Express said today it will take a fourth-quarter charge of $275 million to build up its charge-card reserves, the Wall Street Journal reports. The company, which cited housing turmoil as a contributing factor, also... Read full story »

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American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

housing market • American Express • consumer spending • credit card • credit card loans

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More Newser Stories

AmEx Will Lay Off 7K

Pay increases, hiring halted to prop up credit-card giant's savings

1 in 4 Americans a Credit Risk

Credit scores sink to new lows

Salvation Army Takes Plastic

Charity tests 'cashless kettle' program

Arbitration Firms Quit Consumer Debt Biz

Credit card, cell phone companies scramble to collect by themselves

Mortgage Rates Hit 3-Month High

Housing and consumer-spending rebound hopes endangered

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