ARLINGTON, Va. -- Credit union card balances and the rate of charge-offs have both been rising over the past year in the U.S, according to NCUA data, but not in the same states.
In NCUA data analyzed by Asset Exchange, credit union card charge-offs rose the fastest from June 2007 to June 2008 in Arizona (a 1.83% increase) Nevada (1.37%), Florida (1.80%), California (0.87%) and Delaware (0.80%).
The first four are among the states most seriously hit by the economical downturns associated with the faltering housing markets.
The two states with the most rapid rise in charge-offs are also the ones with the greatest growth in credit unions card balances over the same period. The states with the most dramatic increases in credit union card balances, at the state level, are Virginia (up 19.2% for the year), Utah (18.0%), Alaska (16.3%), Arizona (14.9%) and Nevada (14.1%).
Credit union card charge-offs neither rose nor fell for the year in Wyoming (holding at 1.23%) and fell in South Dakota, Hawaii, North Dakota, New York, Louisiana, Kentucky, Maine, Rhode Island and Kansas. Kansas declined by 0.17%.
Credit union card balances in Maine, Georgia, Alabama, Indiana and West Virginia declined over the last year, with West Virginia declining by 35.4%
--dmorrison@cutimes.com
