08 Jan
Late loan payments hit record high in Q3
Late payments on consumer loans in last year’s third quarter hit the highest level since record-keeping began in 1980, the American Bankers Association said Wednesday.
The association said delinquencies rose to a seasonally adjusted 2.9% from 2.68% in the second quarter. The number is a composite ratio reflecting the percentage of accounts across eight categories of consumer loans with payments overdue 30 days or longer.
The previous record was 2.88%, set in the third quarter of 1989, ABA spokeswoman Carol Kaplan said.
The ABA said delinquencies hit record levels in the July-through-September period for two types of loans: indirect auto loans and home equity lines of credit.
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