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House Not Printing Money

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

Aug. 1 (Bloomberg) -- MasterCard Inc., the second-biggest payment-card network, said profit almost doubled as customers' use of credit and debit cards increased.

Earnings excluding one-time items rose to $195 million, or $1.43 a share, from $101 million, or 74 cents, a year earlier, the Purchase, New York-based company said today in a statement. The average estimate of 15 analysts surveyed by Bloomberg was for $1.31 a share.

The value of MasterCard transactions increased 13 percent taking into account currency conversions as consumers continued to switch to credit and debit cards from cash and checks. The company, led by Chief Executive Officer Robert Selander, increased spending on personnel and to defend against lawsuits even as marketing and advertising costs declined.

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