Saturday, February 23, 2008
"One of the country's biggest credit card companies says the slowing economy is hurting its business. American Express says credit card charges began to tail off in December. It's also warning Wall Street that its profits will be lower as more cardholders fail to repay their debts. The CEO of American Express says card spending is still strong, but he pointed to problems among consumers in California, Florida and other parts of the country most affected by the downturn in housing."