|
|
NEWS
RECALLS
COMPLAINT FORM
SCAM ALERTS
RESOURCES
Small Claims Guide Class Actions Lemon Laws FAQ Newsletters |
|
| Automotive Education Employment Electronics Family Finance Health Homeowners Insurance Pets Shopping Travel |
|
|
|
![]() |
Consumer Delinquencies Rise in First QuarterMore late payments on home equity loans, credit cards |
||||||||
|
July 3, 2008
The percentage of credit-line accounts that were more than 30 days past due rose to 1.10 percent during the first quarter -- the highest recorded rate for this category since 1997, although the delinquency rate remains lower than all other consumer credit categories. In the same period, bankcard delinquencies rose to 4.51 percent -- slightly above the five-year average delinquency rate of 4.40 percent for this category. ABA chief economist James Chessen said more consumers are having trouble meeting their obligations because of the confluence of anemic personal income growth, falling home equity and stock values, job losses, and rising food and energy prices. "It was a tough quarter for some people," Chessen said. "Faced with rising food and gas prices and little income growth, fewer resources have been available to manage debt." Some categories showed delinquencies improving. The composite ratio, which tracks eight closed-end installment loan categories, fell to 2.62 percent. This was largely due to a decline in indirect auto loan delinquencies, which fell 4 basis points to 3.09 percent. The ABA report defines delinquency as late payments that are 30 days or more overdue. The first quarter composite ratio is made up of the following closed-end loans:
Chessen said that individuals will see little relief in the near future and, as a consequence, delinquencies will remain elevated. "The tax stimulus is helping to boost personal income, but persistently high gas and food prices will eat away at overall resources," he said. Chessen advised consumers to look for warning signs of financial problems and take action quickly. "Any borrowers on the verge of financial stress should seek out their lenders immediately, as more options are likely to be available when problems are addressed early," Chessen urged. "Ignoring the problem always makes it harder to resolve." Warning signs of overextended credit include:
For others having trouble paying down debts, ABA advises taking action -- sooner rather than later -- by following these tips:
lower unit
Report Your Experience
|
||||||||
Back to the top | |
|||||||||
Advertisement
|
|
Custom Search
|
||||
|
AUTOMOTIVE Dealers Manufacturers Service Extended Warranties Lemon Laws Recalls Tires Transporters FAMILY Aging Children, Parenting Recalls Dating Education Entertainment Pets Weddings |
FINANCE Annuities Banks Credit Cards Debt Collection Debt Counseling Insurance Investing Loans Mortgages Payday Loans Student Loans Tax Prep HEALTH Doctors Drugs, Pharmacies Health Clubs Hearing Care Hospitals Nursing Homes Nutrition, Diets Vision Care Weight Loss |
HOUSE & HOME Appliances Cookware Furniture Home Improvements Lawn & Garden Movers Pools & Spas Realtors, Rental Agents Recalls Utilities ELECTRONICS Cable TV/DBS Cameras Cell Phones Computers Home Electronics Internet Access Local Phone Service Long Distance VoIP |
SHOPPING In-Home Online Retail Stores Sporting Goods Supermarkets Telemarketers TRAVEL Airlines Bus Lines Car Rental Cruises Hotels Travel Agents Trains RESOURCES Class Actions Complaint Form Small Claims Guide Lemon Laws |
CONSUMER NEWS Latest News Automotive Telecom Financial Health Homeowners Scams Seniors Travel More ... RECALLS Automotive Children's Products Drugs Food Household Products Sporting Goods ABOUT US FAQ Privacy Policy Advertise With Us Newsroom Syndication Terms of Use |
Terms of Use Your use of this site constitutes acceptance of the Terms of Use
Copyright © 2010 ConsumerAffairs.com Inc. All Rights Reserved. The contents of this site may not be republished, reprinted, rewritten or recirculated without written permission. |
|