Asset Quality Slumps For CU Cards
PORTLAND, Ore. – Credit card delinquencies and charge-offs at credit unions remained near all-time highs, even as the average balance on card accounts continued to grow in the first quarter, according to AssetExchange, a card broker for credit unions.
The delinquency ratio as of March 31 rose to 4.6%, believed to be its highest ever, while the charge-off ratio was at 1.9%, slightly below the 2% for the first quarter last year.
At the same time, the average balance on a credit union card grew to $2,619, up from $2,471 a year ago, the company reported yesterday.
The sale of card portfolios, slowing in recent years, continued to dry up, with no sales of portfolios more than $1 million in the first quarter.
The data was derived from information on 5300 Call Reports submitted to NCUA.