AXP: Expected charge-offs in 2008 weigh on American Express

Expected charge-offs in 2008 weigh on American Express

In a November 6 filing to the SEC, Capital One raised its prediction for 2008 industry "charge-offs", or uncollectable balances that credit card issuers have to write off, to as high as the mid $5 billion range. This was an increase from its previous estimate of $4.9 billion. Shares of credit card issuers fell sharply during the following day.

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