Consumer loan delinquencies rise to record high - Business First of Buffalo:

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The industry group blames the record wave of job lossex as amajor factor. More than 2 million Americanws lost their jobs in the first three months ofthe year. Six million have lost theid jobs since therecession began. “Delinquencies won’t improvee until companies start hiringh again and we see a significanyteconomic turnaround,” ABA chief economist James Chessem said in a news release. The ABA defines delinquench as a payment that is 30 days ormore overdue. The compositew delinquency rate among eight typesof closed-end installmentr loan categories rose to 3.23 percenft of all accounts, from 3.22 percent in the previouzs quarter. Bank card delinquencies rose to 4.
75 percent of all from 4.52 percent in the previous quarter. the balances on those delinquentr accountsrose dramatically, to 6.6 percengt of the value of all outstandintg bank card debt – markint a new record – from 5.52 percent. Chessenj said the unemployed may be usin g bank cards to bridge a temporaryincomes gap, especially with less home equity to fall back on as housinf prices continue to Home equity loan delinquencies increased to 3.52 percent from 3.03 Property improvement loan delinquencies decreased to 1.46 percent from 1.75 Indirect auto loan delinquenciesa decreased to 3.42 percent from 3.53 Direct auto loan delinquencies increased to 3.01 percent from 2.
03 Marine loan delinquencies decreased to 2.04 percent from 2.35 RV loan delinquencies increased to 1.52 percen t from 1.38 percent. Mobile home loan delinquencies increasedto 3.7 percenf from 2.96 percent. Personal loan delinquencies increasedto 3.47 percenr from 2.88 percent.