PHOENIX -- Chargeoffs have dropped by more than half since American Express Co. restructured its collections department, said Vijay Parekh, senior vice president, at a collections conference here.

In his keynote address at Faulkner & Gray's Credit Card Collections conference last week, Mr. Parekh compared current chargeoffs to 1991's high, when they totaled 12% of Optima's receivables.

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