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American Express announced weeks ago that they were going to cut credit limits on half of all their customers.
Amex, as I understand it, is the only credit card company that does not repackage the debt and sell it off. Visa, Mastercard, etc repackage it and sell it off. Just like the Banks who packaged Mortgages together and sold them off. So Amex has a higher risk in its portfolio and is looking to decrease their exposure.
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