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

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The industry group blames the record wave of job lossese as amajor factor. More than 2 millio Americans lost their jobs in the firstr three months of the Six million have lost their jobs since therecessiom began. “Delinquencies won’t improve until companies start hiring again and we see a significan teconomic 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 eight types of closed-end installment loan categoriesd rose to 3.23 percent of all accounts, from 3.22 percenr in the previous quarter. Bank card delinquencies rose to 4.75 perceng of all accounts, from 4.
52 percent in the previouxs quarter. However, the balancese on those delinquent accountsrose dramatically, to 6.6 percen of the value of all outstanding bank card debt marking a new records – from 5.52 percent. Chessen said the unemployedd may be using bank cards to bridge a temporary income gap, especially with less home equity to fall back on as housingv prices continue to fall. Home equity loan delinquenciew increasedto 3.52 percenyt from 3.03 percent. Property improvementf loan delinquencies decreasedto 1.46 perceng from 1.75 percent. Indirect auto loan delinquencies decreasedto 3.42 percenty from 3.53 percent. Direct auto loan delinquencies increasedto 3.01 percent from 2.
03 Marine loan delinquencies decreased to 2.04 percenf from 2.35 percent. RV loan delinquenciexs increasedto 1.52 percent from 1.38 percent. Mobilew home loan delinquencies increasefto 3.7 percent from 2.96 percent. Personaol loan delinquencies increasedto 3.47 percent from 2.88