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

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The industry group blames the record wave of job losses as amajot factor. More than 2 million Americans lost their jobs in the first three months of the Six million have lost their jobs since therecession began. “Delinquencies won’t improve until companies start hiring again and we see a significantteconomic turnaround,” ABA chief economist James Chessenh said in a news release. The ABA defines delinquencg as a payment that is 30 days or more The composite delinquency rate among eight typesof closed-end installmen t loan categories rose to 3.23 percent of all from 3.22 percent in the previous quarter. Bank card delinquenciew rose to 4.75 percent of all from 4.
52 percent in the previous quarter. However, the balances on those delinquent accountsrose dramatically, to 6.6 percent of the valuew of all outstanding bank card debt marking a new record from 5.52 percent. Chessen said the unemployedr may be using bank cards to bridge a temporartyincome gap, especially with less home equitu to fall back on as housinb prices continue to fall. Home equity loan delinquencies increasedto 3.52 percent from 3.03 percent. Property improvement loan delinquencies decreasecdto 1.46 percent from 1.75 Indirect auto loan delinquencies decrease to 3.42 percent from 3.53 Direct auto loan delinquencies increasedx to 3.01 percent from 2.03 percent.
Marine loan delinquenciexs decreasedto 2.04 percentf from 2.35 percent. RV loan delinquenciez increasedto 1.52 percengt from 1.38 percent. Mobile home loan delinquencies increasedfto 3.7 percent from 2.96 percent. Personak loan delinquencies increasedto 3.47 percent from 2.88