Consumer loan delinquencies fell in the third quarter of 2011, as evidenced by the American Bankers Association’s latest Consumer Credit Delinquency Bulletin. Seven of 11 loan categories ― including auto, RV, and marine ― showed slightly lower delinquencies in the third quarter, according to the ABA.
For autos, 30-day late payments fell to 1.15% from 1.23% for direct loans, and dropped to 2.60% from 2.89% for indirect loans. For non-autos, the delinquency rate declined to 1.38% from 1.42% on RV loans, and to 1.72% from 1.83% on marine loans.
Bank cards and home equity lines of credit held virtually steady. For 30-day late payments, home equity lines of credit delinquencies rose to 1.93% from 1.91%. Bank card delinquencies rose to 3.25 % from 3.22%.
ABA Chief Economist James Chessen said the results show that consumers continue to make progress rebuilding their financial base. Looking forward, Chessen expects slow improvement in the composite index but bank card delinquencies to stay near current levels.
