Thursday, Apr 24, 2008
American Express - "Don't leave home without it".
Bloomberg: American Express's Profit Falls 6% on Consumer Loan Defaults
April 24 (Bloomberg) -- American Express Co., the biggest U.S. credit-card lender, said first-quarter profit fell 6 percent as more borrowers failed to repay their debts. American Express, Capital One Financial Corp. and Discover Financial Services shares have dropped more than 25 percent in the past year. Analysts say the lenders underestimate how much rising U.S. unemployment will hurt consumers' ability to repay debts. Employers cut 80,000 workers from payrolls in March, the third straight monthly reduction and the biggest in five years.
Posted by jack c @ 10:16 PM (294 views) Add Comment
3 Comments
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1. dohousescrashinthewoods said...
That looks ominous indeed and it's barely started.
Starting to wonder whether I should seriously be making contingency plans for if/when the depression bites here.
I'm not fond of baked beans, so I'd rather do something that didn't involve tinned food..
2. planning4acrash said...
I've been planning for it for the last 3yrs. Got an extra qualification and a job that doesn't rely on economic performance, paid off student loans, found affordable accomodation, learning how to cook, finding good value stores(often ethnic communityshops
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