02:23 PM EDT, 08/15/2024 (MT Newswires) -- American Express ( AXP ) said Thursday the net write-off rate for US consumer card member loans in July was 2.1%, compared with 2.3% in June.

The net write-off rate for US small business card member loans was 2.3%, down from 2.4% in June, the company said in a filing with the US Securities and Exchange Commission.

The July write-off rates are based on principal only, excluding interest or fees.

Total US-based consumer and small business card member loans amounted to $115.1 billion, up from $113.6 billion in June, American Express ( AXP ) said.

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