American Express credit delinquencies rise in January

NEW YORK (Reuters) - American Express Co (AXP.N) said on Tuesday that credit card delinquencies rose in January as job losses accelerated in the United States and the global economy deteriorated.

In a regulatory filing, the company said the annual net charge-off rate -- a measure of credit default -- rose to 8.29 percent in January from 7.23 percent in December, while the rate for loans at least 30 days delinquent increased to 5.28 percent from 4.87 percent.

American Express shares fell 10 percent to $14.16 in afternoon trading on the New York Stock Exchange. The company's stock is down 23 percent this year, compared with a 45 percent decline in the KBW Bank Index .BKX.

(Reporting by Juan Lagorio, editing by Jeffrey Benkoe)