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CU System
Credit card study Charge-offs are up
PORTLAND, Ore. (6/18/10)--Credit card charge-offs are up and delinquencies are down slightly but still high, according to a first quarter 2010 credit union credit card portfolio trends study.
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The study was conducted by AssetExchange, a credit union credit card portfolio advisory and brokerage firm, using National Credit Union Administration call report data. Charge-offs were up 4.6%, from 4.1% in March 2009, and delinquencies were down 1.9% from 2% in 2009. For the 2,150 credit unions with card portfolios of $1 million or more analyzed by AssetExchange:
* Outstanding balances grew at an annual rate of 8.5% between March 2009 and March 2010 to $33 billion. Total assets at these credit unions grew at an annual rate of 7.6% during the same period. * Credit card accounts grew at a 3% annual rate to 12.5 million. * Cards as a percentage of total assets increased slightly to 4.4% in the first quarter, up from 4.3% in the first quarter of 2009. Credit card balances grew faster than total credit union assets. The average balance was $2,619. * Credit card penetration among members continues to trend near 17%, where it has stayed the past four years. * There were no sales of credit union credit card portfolios larger than $1 million in the first quarter.
The data are based on credit card portfolios larger than $1 million for the time periods.
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