MasterCard, the second-largest credit processing network in the world, said its profits in the third quarter climbed 15 percent, beating many analyst predictions, according to a report from Bloomberg. This is largely because it doesn't actually deal with consumer credit card debt, but rather makes money from every debit and credit card transaction it processes.
"We are at the heart of a growth sector," said CEO Ajay Banga in a conference call with analysts. "While we recognize that the industry is changing, we're not going to simply look to see our way through challenges that may arise, but we're going to convert on the underlying opportunities that they present."
The profit was surprising because many analysts expected the company to lose ground as consumers took on less credit card debt, the report said. However, Americans often used their debit cards instead.
Many consumers have tried to decrease their credit card debt in recent months because they're fearful it may have an adverse affect on their financial futures.