Am I reading this correctly? What is the American Express default rate? If I'm reading this right it says that it is now 10%!!!! That is pretty crazy to think that 1 in 10 cardholders they have is bad debt. Seriously there must be a lot of cardholders right now with screwed up credit in the US with such high default rates we're seeing everywhere.

American Express Posts Card Write-Offs at 10 Percent (Update2) - Bloomberg.com