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AssetExchange Analyzes Credit Union Credit Card Portfolio Trends for 4th Quarter 2007
PORTLAND, Ore., February 21, 2008 – AssetExchange, a leading credit card portfolio advisory and brokerage firm, has analyzed 4th quarter 2007 credit union credit card portfolio trends.
For the roughly 2,100 credit unions with credit card portfolios of $1 million and larger:
• Credit union cards are continuing to grow, with balances for portfolios over $1 million up 13.4% since Dec. 2006, to $29.6 billion. Average balances per account grew during this period by about 10% to $2,500.
• Extending the upward trend, 86% of portfolios grew between Dec. 2006 and Dec. 2007, with 69% growing faster than inflation during this time.
• Total card assets for portfolios over $1 million increased as a percentage of total assets from 4.63% in Dec. 2006 to 4.96% in Dec. 2007.
• Credit union credit card portfolio sales fell significantly in 2007, the first such significant drop we have recorded. Sales fell by 15% in 2007 relative to 2006, from $460 million in 2006 down to $390 million in 2007. This may reflect the strength of credit union card portfolio performance or reduced interest in selling the asset to an outside buyer.
Data provided in this press release is for credit card portfolios larger than $1 million in each time period and is based on NCUA call report data. Inflation values are from the U.S. Department of Labor Bureau of Labor Statistics (4.08% between Dec. 2006 and Dec. 2007).
About AssetExchange
AssetExchange is the credit union community’s leading credit card advisory and brokerage firm. In addition to providing performance assessments and representation in portfolio sales, we help our clients compare and negotiate card processing contracts and evaluate outsourced card management opportunities. Our services enable our clients to make sound financial and strategic decisions about the future of their credit card programs. For additional information, please visit www.AssetExchange.com or call (877) 220-0001.
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