American Express Co, United States' leading credit card company reported Wednesday that fewer bankruptcies helped the company to witness slower rate of losses from credit card loans, sending its shares at a 10-month high.

Joanna Lambert, spokesman of the company said the write-off rate on credit-card balances stood at 9.2% in July as compared with 10% in June.

Company's billed business dropped 13% in July, down from 14% in June.

However, CEO of the company, Kenneth Chenault warned that higher bankruptcies plus unemployment could weigh down company's soothing figures.

CEO Kenneth Chenault said, "We are not ready to declare victory on the economy."

Rate of joblessness, which affects credit card defaults greatly, is expected to cross 10% in the Q1 of 2010.

On the other hand, Bankruptcy filings are also believed to rise further in the recent future.

Since the beginning of the recession, American Express has been trying hard to strengthen its balance sheet by resorting to measures such as trimming down costs and divesting.

Shares of the company closed at $30.36, up 5.8% on NYSE.