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Credit card portfolio sellers disappointed in partners
PORTLAND, Ore. (6/11/09)--Results of a 2009 survey of credit union executives who sold their credit card portfolios are similar to past years’ results, AssetExchange said. The survey results indicated that sellers generally do not regret selling their portfolios, but are not particularly happy with their buyers.
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“We were interested to see if the state of the economy would alter executives’ views regarding their card portfolio sale,” said Frank Selker, AssetExchange president. “We found little change.” This is the third year AssetExchange--a credit union credit card portfolio advisory and brokerage firm--has conducted the survey. Respondents expressed dissatisfaction regarding products, pricing and service. Only 46% said they would recommend their buyers. Other highlights:
* About half of the respondents said they consider changing their arrangement when their contacts expire; * Nineteen percent are considering restarting their own portfolios, while 48% are considering evaluating new partners; * Growth among buyers has slowed--20% experienced a decrease and 24% remained the same; and * A majority said they continue to feel their partner products are superior to their own-- but that majority dropped 65% from 76% in previous surveys.


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