ARLINGTON, Va.- MBNA, a noted purchaser of credit union's credit card portfolios, saw its charge-offs climb from 4.82% in the second quarter of 2001 to 5.09% in the second quarter of 2002, an increase of 5.6%, according to Cardweb.com. Cardweb.com is a site on the World Wide Web that tracks credit card trends. The good news for MBNA was that the jump in its charge-offs was actually among the least in the top 10 card issuers as, collectively, they saw their lost loans jump 22% from last year, driven in large part from losses among the sub-prime issuers. Providian and Direct Merchants, both large sub-prime issuers, reported losses of 70% and 38% respectively.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.