American Express stock fell 7% after saying it would have to write off $275 million, thanks to more and more customers not paying their bills. What is probably happening is that people can’t tap their home equity so they’re going to the next easiest line of credit, credit cards, and failing to pay their bills there as well. In Walden, Thoreau talks about how early New Englanders would make their first homes by digging a cellar in the ground and putting a roof of saplings and bark over the top of it. My, that would make a mighty fine recession shelter.
American Express Writes Down $275 Million Because You Can't Pay Your Bills
By consumerist.com January 12, 2008
- swipe out San Francisco Sues American Express, Alleging Illegal Restraints On Merchants
- the future is annoying Why Did Two Of My Kohl’s Store Credit Card Payments Go Missing?
- this will never happen to you All You Have To Do To Fly Free Forever Is Put A $170M Purchase On Your American Express Card
- let the robot do it Capital One Will Let Customers Pay Bills, Access Account Info Using Amazon Echo
- making the switch Will Costco’s Switch From American Express To Visa Affect My Credit?