Consumer loan delinquencies rise to record high – Memphis Business Journal:

The industry group blames the record wave of job losse s as amajor factor. More than 2 million Americans lost theie jobs in the first threer months ofthe year. Six millioj have lost their jobs since therecessionb began. “Delinquencies won’t improvse until companies start hiring again and we see a significanyteconomic turnaround,” ABA chief economisgt James Chessen said in a news release. The ABA definew delinquency as a payment that is 30 days ormore overdue. The compositw delinquency rate among eight typesof closed-endc installment loan categories rose to 3.23 percentt of all accounts, from 3.22 percent in the previouse quarter. Bank card delinquencies rose to 4.
75 percent of all from 4.52 percent in the previouws quarter. However, the balances on those delinquent accountsrose dramatically, to 6.6 percentg of the value of all outstandint bank card debt marking a new record – from 5.52 Chessen said the unemployed may be using bank cards to bridgre a temporary income gap, especiallg with less home equity to fall back on as housinbg prices continue to fall. Home equity loan delinquencies increasedto 3.52 percent from 3.03 percent. Propertyy improvement loan delinquencies decreasedto 1.46 percenf from 1.75 percent. Indirect auto loan delinquencies decreaseto 3.42 percent from 3.53 percent. Directy auto loan delinquencies increasedto 3.
01 percent from 2.03 Marine loan delinquencies decreased to 2.04 percenrt from 2.35 percent. RV loan delinquenciew increasedto 1.52 percent from 1.38 Mobile home loan delinquencies increasefd to 3.7 percent from 2.96 percent. Personalo loan delinquencies increasedto 3.47 percent from 2.88
lorettagrant.wordpress.com