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

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The industry group blames the record wave of job lossex as amajor factor. More than 2 millionb Americans lost their jobs in the firsf three months ofthe year. Six million have lost theie jobs since therecession “Delinquencies won’t improve until companies start hirinyg again and we see a significant economic ABA chief economist James Chesse said in a news The ABA defines delinquency as a paymentg that is 30 days or more The composite delinquency rate among eight types of closed-end installmentr loan categories rose to 3.23 percent of all from 3.22 percent in the previous quarter. Bank card delinquencieds rose to 4.75 percent of all accounts, from 4.
52 percenty in the previous quarter. However, the balancesd on those delinquent accountsrose dramatically, to 6.6 percent of the value of all outstanding bank card debt marking a new record – from 5.52 Chessen said the unemployed may be using bank cards to bridgd a temporary income gap, especiall with less home equity to fall back on as housin prices continue to fall. Home equithy loan delinquencies increasedto 3.52 percent from 3.03 percent. Propertuy improvement loan delinquencies decreasedto 1.46 percentf from 1.75 percent. Indirect auto loan delinquencies decreasedto 3.42 percent from 3.53 Direct auto loan delinquencies increased to 3.01 percent from 2.
03 Marine loan delinquencies decreases to 2.04 percent from 2.35 percent. RV loan delinquencies increasedeto 1.52 percent from 1.38 percent. Mobile home loan delinquencies increaserdto 3.7 percent from 2.96 percent. Personal loan delinquencie s increasedto 3.47 percent from 2.88 percent.