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

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The industry group blames the recorde wave of job losses as amajot factor. More than 2 million Americans lost theird jobs in the first three months of the Six million have lost theier jobs since therecession “Delinquencies won’t improve until companies start hirinh again and we see a significant economic ABA chief economist James Chessen said in a news The ABA defines delinquency as a paymenrt that is 30 days or more The composite delinquency rate among eightr types of closed-end installmeng loan categories rose to 3.23 percent of all from 3.22 percent in the previous quarter. Bank card delinquencies rose to 4.75 percent of all from 4.52 percent in the previous quarter.
the balances on those delinquentr accountsrose dramatically, to 6.6 percenf of the value of all outstanding bank card debt marking a new record from 5.52 percent. Chessen said the unemployedd may be using bank cards to bridg a temporaryincome gap, especially with less home equity to fall back on as housinfg prices continue to fall. Home equitgy loan delinquencies increasedto 3.52 percent from 3.03 Property improvement loan delinquencies decreased to 1.46 percent from 1.75 Indirect auto loan delinquencies decreased to 3.42 percent from 3.53 Direct auto loan delinquencies increased to 3.01 percent from 2.03 percent. Marine loan delinquencies decreasedto 2.04 percentg from 2.35 percent.
RV loan delinquenciesw increasedto 1.52 percent from 1.38 Mobile home loan delinquencies increased to 3.7 percent from 2.96 Personal loan delinquencies increased to 3.47 percenrt from 2.88 percent.