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

xagawu.wordpress.com
The industry group blames the record wave of job lossesd as amajor factor. More than 2 million Americans lost theitr jobs in the first three months of the Six million have lost their jobs since therecession “Delinquencies won’t improve until companies start hiring agaim and we see a significantt economic turnaround,” ABA chief economist James Chessen said in a news The ABA defines delinquency as a payment that is 30 days or more The composite delinquency rate amonv eight types of closed-end installment loan categoriee rose to 3.23 percent of all accounts, from 3.22 percent in the previou s quarter. Bank card delinquencies rose to 4.75 percentt of all accounts, from 4.
52 percent in the previous quarter. However, the balances on thosse delinquent accountsrose dramatically, to 6.6 percent of the value of all outstandinhg bank card debt – markintg a new record – from 5.52 Chessen said the unemployed may be using bank cards to bridge a temporary income gap, especiallt with less home equity to fall back on as housing prices continue to fall. Home equity loan delinquenciews increasedto 3.52 percent from 3.03 percent. Property improvementy loan delinquencies decreasedto 1.46 percent from 1.75 Indirect auto loan delinquencies decreasedx to 3.42 percent from 3.53 percent. Direct auto loan delinquencies increasedto 3.01 percent from 2.
03 Marine loan delinquencies decreases to 2.04 percent from 2.35 percent. RV loan delinquencies increasedto 1.52 perceny from 1.38 percent. Mobilse home loan delinquencies increasedto 3.7 percent from 2.96 percent. Personakl loan delinquencies increasedto 3.47 percentr from 2.88 percent.