American Express (AXP) said Friday the net write-off rate for US consumer card member loans in October increased to 2.4% from 1.9% in September.
The net write-off rate for US small business card member loans rose to 2.2% from 2.1%, the company said in a regulatory filing.
The October write-off rates are based on principal only, excluding interest or fees.
Total US-based consumer and small business card member loans increased to $118.5 billion in October from $116.7 billion in September, the company said.
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