HARRISBURG, Pa. (8/7/12)--The Pennsylvania Credit Union Association's (PCUA) Card Services reports that in the first six months of 2012, credit card delinquencies are at their lowest level since 2007 (Life is a Highway
Of 167,717 credit card accounts from credit unions on the Card Services credit card program, as of June 30:
- 1.57% of credit card accounts are delinquent 30 days or more;
- 2.3% of outstanding credit card loans are delinquent 30 days or more; and
- Both percentages are at their lowest since 2007.
Credit unions on the program have charged off 607 accounts year-to-date, with an average account balance of $3,820. Total charged-off dollars year-to-date is $2,319,396.
Overall, credit card outstanding loans are down by 4.5%, compared with the same time last year. Also, 38% of total credit limits are used, which is slightly up from the same period in 2011, PCUA said.
"It is a great sign to see delinquency at a five-year low on our credit card program," said Sheba Wallish, manager, PCUA Card Services. "Credit unions are making sound lending decisions, and consumers are being responsible with the credit they have available to them."