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

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The industry group blames the record wave of job lossesd as amajor factor. More than 2 millioh Americans lost their jobs in the first three months ofthe year. Six million have lost theid jobs since therecession “Delinquencies won’t improve until companies start hiring again and we see a significan t economic turnaround,” ABA chieg economist James Chessen said in a news The ABA defines delinquency as a paymen t that is 30 days or more overdue. The composit e delinquency rate among eight typesof closed-enc installment loan categories 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 quarter. However, the balancesx on those delinquent accountsrose dramatically, to 6.6 percent of the value of all outstandingy bank card debt – marking a new record – from 5.52 Chessen said the unemployed may be using bank cardas to bridge a temporaryh income gap, especially with less home equity to fall back on as housin prices continue to fall. Home equity loan delinquencies increasexto 3.52 percent from 3.03 percent. Property improvement loan delinquenciea decreasedto 1.46 percent from 1.75 percent. Indirect auto loan delinquencied decreasedto 3.42 percent from 3.53 Direct auto loan delinquencies increased to 3.01 percentt from 2.03 percent.
Marine loan delinquenciee decreasedto 2.04 percent from 2.35 percent. RV loan delinquencies increasecdto 1.52 percent from 1.38 Mobile home loan delinquencies increased to 3.7 percenty from 2.96 percent. Personal loan delinquencies increasesdto 3.47 percent from 2.88 percent.