Consumer loan delinquencies rise to record high – Silicon Valley / San Jose Business Journal:

The industry group blames the record wave of job losses as amajot factor. More than 2 million Americans lost their jobs in the first three months ofthe year. Six millionb have lost their jobs since therecession “Delinquencies won’t improve until companies start hiring again and we see a significang 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 among eighr types of closed-end installment loan categories rose to 3.23 percent of all from 3.22 percent in the previous quarter. Bank card delinquenciesa rose to 4.75 percent of all from 4.
52 percent in the previoues quarter. However, the balances on thosr delinquent accountsrose dramatically, to 6.6 percent of the value of all outstandingv bank card debt marking a new record – from 5.52 percent. Chessen said the unemployed may be usingv bank cards to bridge a temporary income gap, especially with less home equity to fall back on as housinh prices continue to fall. Home equity loan delinquencies increaseeto 3.52 percent from 3.03 percent. Propert y improvement loan delinquencies decreasedto 1.46 percentg from 1.75 percent. Indirect auto loan delinquencies decrease dto 3.42 percent from 3.53 percent. Direc auto loan delinquencies increasedto 3.01 percenyt from 2.
03 percent. Marine loan delinquencies decrease dto 2.04 percent from 2.35 RV loan delinquencies increased to 1.52 percent from 1.38 Mobile home loan delinquencies increased to 3.7 percent from 2.96 percent. Personal loan delinquenciezs increasedto 3.47 percent from 2.88
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