Consumer debt on the rise
The third quarter financial results reported by American Express not only beat expectations, but revealed a banner quarter in credit debt for the company.
Chenault said American Express added more than 2 million cards during the quarter and 7.5 million since the start of the year.
The clincher?
Getting out of debt and living a debt-free life will never happen if you keep spending what you don't have. Stop making the credit card companies rich and start making yourself rich instead.
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Source: http://www.msnbc.msn.com/id/15389502/
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“Bottom line results this quarter reflected a continuation of the strong trends we’ve seen throughout 2006,” Chairman and Chief Executive Kenneth I. Chenault said in a statement accompanying the results. “We are in an excellent position with growth in card member spending and borrowing that was again at the top of the industry.”Chenault said American Express added more than 2 million cards during the quarter and 7.5 million since the start of the year.
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The clincher?
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Card member spending rose 15 percent to $140.3 billion during the quarter.-------------------------------------------
Getting out of debt and living a debt-free life will never happen if you keep spending what you don't have. Stop making the credit card companies rich and start making yourself rich instead.
_____________
Source: http://www.msnbc.msn.com/id/15389502/
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