Pennsylvania Credit Union Association
Card Delinquencies Lower In Credit Unions
HARRISBURG – Recent statistics issued by the American Bankers Association show bank card delinquencies rose 23 basis points to 4.75% of all accounts; up from 4.52% in the previous quarter.
The Pennsylvania Credit Union Association (PCUA) reviewed the credit card portfolio of more than 200 credit unions that it services through its service corporation and has found that while delinquencies have increased, they are significantly less than at banks. The statistics show that 1.8% of the total accounts in the program are 30 days or more delinquent; which is the same as it was in June 2008. The percentage of loans outstanding, 30 days or more delinquent is 2.9% of the total loans outstanding; up slightly from 2.8% in June 2008.
“This data confirms that credit unions are prudent lenders,” said PCUA Vice President Corinne Sherman. “Despite a downturn in the economy, credit union members are for the most part making their credit card payments.”
Credit unions are financial cooperatives that provide affordable financial services to help their owner/members to be better consumers. The Harrisburg-based Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for nearly 600 credit unions in Pennsylvania. These credit unions have assets in excess of $28 billion and serve nearly three and a half million members. For additional information about credit unions or to find a credit union near you, visit www.ibelong.org.