Analysis of 2008′s credit union data showed that credit union members kept using their credit cards in 2008, despite the onset of harder economic times.
According to an analysis of the data performed by the Portland, Oregon based consultancy Asset Exchange, credit unions with card portfolios worth at least $1 million only grew the numbers of accounts in their portfolios by 2% but saw their overall balances grow by 8.5%.
In absolute terms, CUs with card portfolios worth more than $1 million issued 12.2 million credit cards as of end of the year and those cards carried balances worth $32.3 billion.
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But as CU card balances grew, other CU assets also grew. For 2008, credit union credit card assets represented 4.9% of CU assets overall, the same percentage they represented at the end of 2007
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