In its quarterly earnings report, American Express said that 2024 was an especially good year. As always, it collected massive money from merchants. And yes, it charged huge card membership fees. However, rather than its wealthy dependable clients that pay the entire bill every month, AMEX collected rising revenue from the non-payers. Since 2022, net interest (on unpaid credit card debt) was their fastest growing revenue source: We could say that Americans are spending more and paying back less. According to the Diary of Consumer Payment Choice, non-cash payment transactions have been on the rise since 2020. ….[READ]
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