Credit Card And Home Equity Delinquencies Break Records

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More non-green shoots courtesy of the American Bankers Association.

Reuters: Fallout from a still deteriorating housing market caused the rate of consumer loan payments at least 30 days late to rise to 3.23 per cent in the January-to-March period from 3.22 per cent in the 2008 fourth quarter, the American Bankers Association said.

 

Delinquencies were the highest since the ABA began tracking the data in 1974. Late payments on home equity borrowings set records, rising to 3.52 per cent from 3.03 per cent on loans and to 1.89 per cent from 1.46 per cent on lines of credit.

Credit card delinquencies also broke a record, with delinquencies jumping to 6.6% — a number that understates the severity of the problem since, as Reuters notes, it doesn’t take into account bank-issued cards.

What’s the problem? Jobs jobs jobs.

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