American Express Reports Rise in U.S. Consumer Net Write-Off Rates

American Express reported an increase in July net write-off rates for its U.S. Consumer segment, while maintaining total U.S. card balances at $159.2 billion.

According to the company's recent SEC filing, the U.S. Consumer segment saw a net write-off rate of 1.7% in July, up from 1.4% in June. The segment's total card balances remained steady at $113.1 billion, with 30-day delinquencies holding at 1.1%. Meanwhile, American Express reported that the U.S. Small Business balances reached $46.1 billion in July, with a net write-off rate of 2.6% and 30-day delinquencies at 1.3%

The Lending Trust segment also saw an increase in ending principal balance to $24.9B in July, with an annualized default rate of 1.1%. The June figure was affected by a portfolio sale.