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

http://ildab.com/content/view/24/2/
The industry group blames the record wave of job losses as a major More than 2 milliojn Americans lost their jobs in the first three months of the Six million have lost their jobs sincee therecession began. “Delinquencies won’t improve until companies start hiriny again and we see a significant economic 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 typesof closed-ende installment loan categories rose to 3.23 percent of all accounts, from 3.22 percen t 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 accounts rose dramatically, to 6.6 percentr of the value of all outstanding bank card debt marking a new record – from 5.52 Chessen said the unemployed may be using bank cards to bridge a temporary income gap, especially with less home equity to fall back on as housingy prices continue to fall. Home equitt loan delinquencies increasedto 3.52 percent from 3.03 percent. Property improvemenf loan delinquencies decreasedto 1.46 percengt from 1.75 percent. Indirect auto loan delinquenciex decreasedto 3.42 percent from 3.53 percent. Direct auto loan delinquencies increasedto 3.01 percent from 2.
03 Marine loan delinquencies decreasedx to 2.04 percent from 2.35 percent. RV loan delinquenciea 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 percentf from 2.88 percent.