A paper authored by Card Services For Credit Unions and Callahan & Associates reports that CU credit card delinquency, even in this recessionary year, still dramatically lags where it was a decade ago as proportion of overall CU delinquency.
CSCU is the association of credit unions that process their card accounts with Fidelity National Information Systems. Callahan & Associates is a noted CU consultancy.
The Payment Revolution: How Payment Strategies Impact Your Credit Union's Future reported that, as of March 31, 2009, credit union card delinquency stood at 8.0% of overall delinquency among their issuers, which was sharply down from the 15% of the overall delinquency of CU card issuers that card delinquency represented in 1999.
Net charge off rates for CU cards hit 4.09% as of March 31, the paper reported, noting that this is high for CUs but still only roughly half of the 7.99% charge off rate among bank card issuers during the same time period, according to data from the FDIC.
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