American's generally may be cutting back on their use of revolving credit, but the holders of at least some credit union issued cards are still borrowing.
John Pembroke, chief marketing officer for PSCU Financial Services, said the numbers of credit card transactions from its more than 500 member credit unions, have increased over the same period last year and that their average balances are also higher.
"Credit unions have two strong advantages during these economically challenging times," Pembroke said. "Very good rates and strong service. Those have proved to be strong drivers of card use among credit union members even as other consumers stop using their cards."
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Credit unions have also benefited from not having cut their card holder's credit lines like other issuers have, Pembroke noted, and from offering credit to a growing number of new members.
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