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PCUA Credit card delinquencies lower in CUs
HARRISBURG, Pa. (7/21/09)--Credit card delinquencies are lower at surveyed credit unions than at banks, according to the Pennsylvania Credit Union Association (PCUA). PCUA reviewed the card portfolios of more than 200 credit unions it services through its service corporation. It found that although delinquencies at surveyed credit unions have increased, they have fewer delinquencies than banks. Bank card delinquencies rose 23 basis points to 4.75% of all accounts, up from 4.52% in the previous quarter, according to statistics released by a banking trade group, said PCUA. About 1.8% of the total accounts in PCUA’s program are 30 days or more delinquent--the same as June 2008. The percentage of loans outstanding, 30 days or more delinquent, is 2.9%--up slightly from 2.8% in June 2008, PCUA said. “These data confirm that credit unions are prudent lenders,” said PCUA Vice President Corinne Sherman. “Despite a downturn in the economy, credit union members are for the most part making their credit card payments.”
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