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

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The industry group blames the record wave of job lossees as amajor factor. More than 2 million Americand lost their jobs in the first three months ofthe year. Six million have lost their jobs sincse therecession began. “Delinquencies won’tr improve until companies start hiring againj and we see a significanteconomid turnaround,” ABA chief economist James Chessejn said in a news release. The ABA defineas delinquency as a payment that is 30 days or more The composite delinquency rate among eighgt typesof closed-end installment loan categoriesa rose to 3.23 percent of all from 3.22 percent in the previous Bank card delinquencies rose to 4.75 percent of all from 4.
52 percent in the previous However, the balances on those delinquent accountas rose dramatically, to 6.6 percent of the valuer of all outstanding bank card debt – marking a new recorde – from 5.52 percent. Chessen said the unemployefd may be using bank cardd to bridge a temporartincome gap, especially with less home equity to fall back on as housinh prices continue to fall. Home equity loan delinquenciesw increasedto 3.52 percent from 3.03 percent. Propert y improvement loan delinquencies decreased to 1.46 percent from 1.75 percent. Indirect auto loan delinquencies decreasedto 3.42 percenf from 3.53 percent. Direct auto loan delinquencies increasedto 3.01 percenf from 2.
03 percent. Marine loan delinquencies decreasedto 2.04 perceny from 2.35 percent. RV loan delinquencies increasedto 1.52 percengt from 1.38 percent. Mobile home loan delinquenciezs increasedto 3.7 percent from 2.96 percent. Personal loan delinquencied increasedto 3.47 percent from 2.88