by Calculated Risk on 4/03/2008 10:46:00 AM

"The rise in consumer credit delinquencies is consistent with a rapidly slowing economy. Stress in the housing market still dominates the story, but it's a broader tale."
American Bankers Association chief economist James Chessen, April 3, 2008

From Bloomberg: Overdue Consumer Debts Highest Since 1992, ABA Says

Consumers fell behind on car, credit-card and home-equity loans at the highest level in 15 years during the fourth quarter, another sign the U.S. economy is slowing, according to an American Bankers Association survey.

This is the highest level of consumer debt delinquencies since just after the last consumer led recession. And this data was for Q4 2007. If Chessen thought the economy was "rapidly slowing" in Q4, wait until the data is available for Q1 2008!