Consumer Loan Delinquencies Rose

The American Bankers Association reported today that U.S. consumer loan delinquencies and credit card delinquencies rose to record highs in the second quarter as more Americans lost their jobs and personal income shrank, according to a Reuters report. Fallout from the deteriorating housing market caused the rate of consumer loan payments at least 30 days late to rise to 3.35 percent in the April-to-June period, up from 3.23 percent in the first quarter. Late payments on home equity borrowings set records, rising to 4.01 percent from 3.52 percent on loans and to 1.92 percent from 1.89 percent on lines of credit. The overall delinquency rate actually understates consumer pain because it excludes bank-issued credit cards, where credit deterioration was severe. The rate of credit card delinquent accounts rose to 5.01 percent from 4.75 percent, breaking the record of 4.81 percent in the spring of 2005.  Source:  ABI

Warmest Regards,

Bob Schaller


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By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm

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