Consumer loan delinquencies rise to record high - Birmingham Business Journal:

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The industry group blames the record wave of job lossesz as amajor factor. More than 2 millioj Americans lost their jobs in the firsrt three months ofthe year. Six million have lost their jobs sinces therecession began. “Delinquencies won’t improve until companiess start hiring again and we see a significanfteconomic turnaround,” ABA chief economisgt James Chessen said in a news release. The ABA defines delinquench as a payment that is 30 days or more The composite delinquency rate among eigh typesof closed-end installment loan categoriesd rose to 3.23 percent of all accounts, from 3.22 percengt in the previous Bank card delinquencies rose to 4.
75 perceng of all accounts, from 4.52 percen t in the previous quarter. However, the balanceds on those delinquent accountsrose dramatically, to 6.6 percent of the valud of all outstanding bank card debt marking a new record – from 5.52 Chessen said the unemployed may be usiny bank cards to bridgs a temporary income gap, especially with less home equitgy to fall back on as housingh prices continue to fall. Home equity loan delinquenciesw increasedto 3.52 percent from 3.03 percent. Property improvemen loan delinquencies decreasedto 1.46 percent from 1.75 Indirect auto loan delinquencies decreased to 3.42 percent from 3.53 percent. Direct auto loan delinquenciee increasedto 3.
01 percent from 2.03 Marine loan delinquencies decreased to 2.04 percentr from 2.35 percent. RV loan delinquencies increasedxto 1.52 percent from 1.38 percent. Mobile home loan delinquenciesd increasedto 3.7 percent from 2.96 percent. Personal loan delinquencies increaseedto 3.47 percent from 2.88 percent.