CU Card Portfolios Had Slowest Third Quarter Since 2006
Credit unions with credit card portfolios worth more than $1 million saw their balances grow at the slowest rate in the last five years, according to NCUA data.
In its analysis of the industry's card performance, Asset Exchange, a leading CU card brokerage and consulting firm, reported that credit union card portfolio balances grew by 4.40% in the third quarter, down from the 7.92% they grew in the same period last year.
Average balances per account continued to rise however, hitting a five year high at $2,676 as did the percentage of credit lines that CU members used, hitting 32.56%.
But in addition the percentage of credit union card accounts charged off hit a high as well at 4.31%.