American Express Delinquencies Hit 4.4%, Defaults 6.96%

"American Express Co. had its highest monthly increase in credit-card delinquencies on record in October as jobless claims rose, according to FBR Capital Markets. Late payments rose 35 basis points to 4.4 percent last month, according to a report yesterday from FBR analysts led by Scott Valentin in Arlington, Virginia. The default rate increased 33 basis points to 6.96 percent, the highest since November 2005, the report said. "