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 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, part of your ALM digital membership.

  • Critical 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 and

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