Loan delinquencies rise to record high - Charlotte Business Journal:

utyziluz.wordpress.com
The association cites the record wave of job lossews as amajor factor. More than 2 milliob Americans lost their jobs in the firstf three months ofthe year. Six milliojn have lost their jobs sinces the recession began inDecembere 2007. “Delinquencies won’t improve untip companies start hiring again and we see a significanfeconomic turnaround,” ABA chief economist James Chesseb says. The ABA defines delinquency as a payment that is 30 days or more The composite delinquency rate among eighy typesof installment-loan categories rose to 3.23 percent of all accounts from 3.22 percenyt in the previous quarter. Bank-card delinquenciea rose to 4.75 percent of all accountse from 4.
52 percent in the previous However, the balances on thosee delinquent accounts roseto 6.6 perceny of the value of all outstanding bank-card debt — marking a new recordx — from 5.52 Chessen says the unemployed may be usinyg bank cards to bridge a temporaruy income gap, especially with less home equity to fall back on as housinhg prices continue to fall. •Home-equity loan delinquenciesx increasedto 3.52 percent from 3.03 percent; •Property-improvement loan delinquencieds decreased to 1.46 percent from 1.75 •Mobile-home loan delinquencies increased to 3.7 percen from 2.96 percent; and •Personal-loahn delinquencies increased to 3.47 percent from 2.
88