Thursday, March 29, 2007

AP: Late Payments on Consumer Credit

by Tanta on 3/29/2007 01:15:00 PM

The AP reports on delinquencies for consumer credit:

The American Bankers Association, in its quarterly survey of consumer loans, reported Thursday that late payments on home equity loans rose to 1.92 percent in the October-December period. That was up sharply from 1.79 percent in the prior quarter and the highest since the first quarter of 2006. . . .

A separate survey released earlier this month by the Mortgage Bankers Association showed a big jump in late mortgage payments in the final quarter of last year, news that caused stocks on Wall Street to swoon.

The American Bankers Association's survey, meanwhile, also showed that the delinquency rate on “indirect” auto loans, which are arranged through dealerships, shot up to 2.57 percent in the fourth quarter, the highest since the second quarter of 2001, when the economy was in a recession. Late payments on other auto loans, however, dipped slightly.

The survey also showed that the percentage of credit card payments past due was 4.56 percent in the fourth quarter, down slightly from 4.57 percent in the third quarter.

Late payments on boat loans rose, while delinquent payment on mobile homes went down.