Friday, January 11, 2008

Credit Card Issuers Warn

From IBD:

Heightening fears that credit woes are spreading past mortgages, American Express (AXP) said after the close it's "seeing signs of a weaker U.S. economy." It'll take a $440 mil charge on slower spending and rising delinquencies. Earlier, Capital One (COF) cut targets for the 3rd time in 9 months and set aside $650 mil for unpaid credit card bills. AmEx fell 7% late. MasterCard and Capital One also slid.

I doubt it will be long before we hear more of this type of warning.