American Express sees worsening credit conditions: Financial News - Yahoo! Finance

American Express sees worsening credit conditions: Financial News - Yahoo! Finance: "American Express sees worsening credit conditions
Wednesday June 25, 5:07 pm ET
By Madlen Read, AP Business Writer
MasterCard settles AmEx suit for $1.8B as consumer credit troubles escalate
NEW YORK (AP) -- American Express Co. has ended another round of litigation with a rival card company, but still faces serious headwinds from its customers.
After announcing Wednesday that it will be getting $1.8 billion from MasterCard Inc. in settlement of an antitrust suit, the credit card lender -- known for catering to jet-setters and the well-heeled -- revealed that it has again underestimated how quickly its cardholders are falling behind on their debt."