American Express, the credit card issuer, said Monday that its profit fell 24 percent in the third quarter as cardholders spent less and defaulted more.
As many people know, the American Express is one of the hardest cards to obtain, and at the same time, the hardest to pay off. With the American American Express card, you balance must be back at zero by your card due date. This is mainly the reason I don't have an American Express card, sometimes its extremely hard to pay your entire balance off by the end of your due date, which effects your credit score. I can understand why people aren't using their cards, and why their net income is decreasing.
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