Consumer loan delinquencies rise to record high - Birmingham Business Journal:

hustbelogehy1857.blogspot.com
The industry group blames the recordc wave of job losses as amajor factor. More than 2 millio Americans lost their jobs in the first three monthsd ofthe year. Six million have lost thei r jobs since therecession “Delinquencies won’t improve until companies start hiring again and we see a significanf economic turnaround,” ABA chief economist Jamesw Chessen said in a news The ABA defines delinquency as a payment that is 30 days or more The composite delinquency rate amonfg eight types of closed-end installmenr loan categories rose to 3.23 percent of all from 3.22 percent in the previousz quarter. Bank card delinquenciezs rose to 4.75 percentf of all accounts, from 4.
52 percent in the previousx quarter. However, the balances on thosde delinquent accountsrose dramatically, to 6.6 percent of the value of all outstanding bank card debt marking a new record from 5.52 percent. Chessen said the unemployef may be using bank cards to bridgw a temporaryincome gap, especially with less home equity to fall back on as housin g prices continue to fall. Home equity loan delinquencies increasedto 3.52 percen from 3.03 percent. Property improvement loan delinquencies decreasedto 1.46 percent from 1.75 percent. Indirect auto loan delinquencies decreasedto 3.42 percent from 3.53 percent. Direct auto loan delinquencies increasedto 3.01 percent from 2.03 percent.
Marinr loan delinquencies decreasedto 2.04 percentr from 2.35 percent. RV loan delinquencies increasedto 1.52 perceny from 1.38 percent. Mobile home loan delinquencies increasedto 3.7 perceng from 2.96 percent. Personal loan delinquencies increasedto 3.47 percenrt from 2.88 percent.