PORTLAND, Ore. – The pace of growth in outstanding credit card balances among CU members slowed as of Sept. 30.
According to AssetExchange, a credit card portfolio advisory and brokerage firm, outstanding credit card balances grew at an annual rate of 4.4% between September 2009 and September 2010 to $35.2 billion, which reflects a slower rate of growth compared to the September 2008-2009 cycle rate of 7.9%. Total assets at these credit unions grew at an annual rate of 4.6% between September 2009 and September 2010, AssetExchange said.
Other findings: card accounts grew at a 1.76% annual rate over the same period to 13.1 million; cards as a percentage of total assets held steady at 4.4% in the third quarter of 2010, reflecting no change from the third quarter of 2009; credit card penetration continues to trend near 17%; among credit unions with card portfolios larger than $1 million, there were two card portfolios sold with a combined balance of approximately $12 million.
