Outstanding Card Balances Grow
PORTLAND, Ore. — Outstanding credit card balances among credit union members grew during the second quarter, according to analysis by AssetExchange.
Using data from the approximately 2,150 CUs with card portfolios of $1 million or more, AssetExchange reported balances were up 7.4% in June 2010 over one year earlier, to $34-billion in outstandings, with growth continuing in the single digits.
Among Other findings:
• Card accounts grew at a 3.1% annual rate to 12.6 million.
• Cards as a percentage of total assets increased to 4.6% in Q2 2010, up from 4.5% in the second quarter of 2009.
• Overall penetration remained approximately 18%.
• Delinquencies declined to 1.7% from 1.9% between June 2009 and June 2010, but charge-offs rose to 4.5% from 4.2% over that same period.