Here’s the response again without bold:

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American Express reported its U.S. Consumer and U.S. Small Business Card Member lending portfolio statistics for January 2025. Total U.S. Consumer Card Member loans stood at $89.4 billion, with a 1.4% delinquency rate and a net write-off rate of 2.3%. U.S. Small Business Card Member loans totaled $30.1 billion, with a 1.6% delinquency rate and a net write-off rate of 2.5%.

The company also provided data from its Lending Trust, which had an ending total principal balance of $25.5 billion as of January 31, 2025. The annualized default rate net of recoveries was 1.5%, slightly up from December 2024’s 1.2%.

American Express noted that effective December 1, 2024, it reclassified $758 million in loans related to its Lowe’s small business co-brand portfolio, removing them from the reported data for December and January. It also highlighted differences between the Lending Trust’s reported credit performance and the overall consumer and small business portfolios, citing factors such as loan mix, aging, and calculation methodology.