CU Card Charge Offs Up, Delinquencies Slightly Down In First Quarter
Credit unions with card portfolios worth over $1 million saw their card charge offs at record levels in the first quarter of 2010, but their delinquencies dropped slightly according to NCUA data.
An analysis of NCUA data conducted by Asse Exchange, a leading CU card analysis firm and brokerage, found card charge-offs running at an annualized rate of 4.6%, up from 4.1% in the first quarter of 2009. But the data also showed card delinquencies dropping slightly to 1.9% from the 2.0% they held during the first quarter of last year.
The data also showed CU card balances grew 8.5% during the first quarter, the number of accounts grew 2.4%, and the average balance per account stood at $2,619, the highest for a first quarter in four years. Credit card assets also moved to being 4.4% of overall credit union assets.