From the Pittsburgh-Post Gazette published Friday, January 8, 2010:
The highest number of consumers made prompt payments on their loans in the third quarter of 2009 than at any point in the past two years, as the recession complicated life for so many households living on the edge, according to the American Bankers Association.
Consumer delinquencies fell in seven of nine loan categories, including auto loans, boat loans, personal loans and recreational vehicle loans. However, late payments continue to increase overall in two categories — home equity loans and mobile home loans.
“Maybe it’s more wishful thinking, but my hope is consumer delinquencies are near their peak,” said James Chessen, chief economist for the American Bankers Association. “It’s all about jobs. The consumer delinquencies we see today are a direct result of job losses in the economy.”
