Late payments on consumer loans jump to highest point since last recession

[DuaneBidoux]

Source: Associated Press

Late payments on a cluster of consumer loans, including those for autos, home improvement and certain home equity loans, climbed in the summer to their highest point since the country's last recession in 2001.

The American Bankers Association reported Thursday that the delinquency rate on a composite of consumer loans increased to 2.44 percent in the July-to-September quarter. That was up sharply from 2.27 percent in the previous quarter and was the highest late-payment rate since the second quarter of 2001, when the economy was suffering through a recession.



Read more: http://www.iht.com/articles/ap/2008/01/03/america/Late-Payments.php

[Captain Angry]

1. It will be interesting to see what the numbers for October to December will be

If people had a hard time in the Summer, lets see what it looks like with another 3 months of high fuel prices and people spending on the holidays.

What a mess.

[AlCzervik]

2. wait till the data for the next few months comes out, how many people bought christmas

presents using credit cards that won't be able to pay the bill when it comes in.

[DuaneBidoux]

3. And then God help this cynical dem: could we be seeing a perfect storm for 08 that will sweep us in

And stop for the next thirty years this right wing Juggernaut that has been grinding down the working man year by year.

[bobalew]

4. Fabricated Late Payments

Some of those late payment metrics are based upon third party Servicers' who's apparent job it is, is to Fabricate late payment scenarios, such that the late payments "Pyramid" on top of each other: look up the following, having to do with third party Home Loan And Equity Loan servicing companies:
http://finance.yahoo.com/print/expert/article/mortgage/52812
Also look up as search Items. Fairbanks Capital, Select servicing, Loan servicing abuse.
It's eyes wide open subject that gives a really good clue as to the criminal behavior happening today in the Sub-Prime market.

[DuaneBidoux]

5. Not sure i completely grasp it, Could you bottom line it more efficiently?

[mikelgb]

6. oops

didn't mean to make a statistic