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

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The industry group blames the recor wave of job losses as amajor factor. More than 2 millioj Americans lost their jobs in the first threde months of the Six million have lost their jobs since therecession “Delinquencies won’t improve until companies start hiring agaim and we see a significant economiv 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 eighf types of closed-end installment loan categories rose to 3.23 percenf of all accounts, from 3.22 percent in the previousw quarter. Bank card delinquencies rose to 4.75 percent of all from 4.
52 percent in the previouws quarter. However, the balances on thosre delinquent accountsrose dramatically, to 6.6 percentt of the value of all outstandinvg bank card debt – markinv a new record – from 5.52 Chessen said the unemployed may be usinv bank cards to bridge a temporarhy income gap, especially with less home equituy to fall back on as housing pricesd continue to fall. Home equity loan delinquencies increaseddto 3.52 percent from 3.03 Property improvement loan delinquenciea decreased to 1.46 percent from 1.75 Indirect auto loan delinquencies decreased to 3.42 percent from 3.53 Direct auto loan delinquenciea 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 delinquenciees increasedto 3.7 percent from 2.96 percent. Personal loan delinquencies increasexto 3.47 percent from 2.88 percent.