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"Capital One, American Express, and Discover also said they felt much better about overall credit quality than they did heading into the Great Recession in 2008. Fairbank said in general the U.S. consumer is in much better shape because consumer debt levels are lower on a per capita basis, while lower interest rates make debt repayments easier, and people save more now than they used to. "
This is interesting:
"Meanwhile, American Express CFO Jeffrey Campbell said 88% of U.S. consumer and small business customers who enrolled in the company's customer pandemic relief program are prime and super-prime card members ."
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I wonder what their mix is between super / prime / subprime these days though.
Interesting though regardless; admittedly I don't read much into the Amex one as higher spend = higher discretionary income generally to begin with and that isn't where the pain is being felt.
Cap 1 and Discover on the other hand, not the same credit quality imo anecdotally so their statement is more telling. Cap 1 though had done a little credit tightening over the past few years anyway: they look positively smart now.
Amex's customer base is largely prime, so there's no surprise that 88 percent of forbearance would be in that category.