America may be in a continued economic recovery, but that recovery is not currently translating into more consumers paying their debts on time. At least that is the case with respect to auto loans and credit card debt in the third quarter of 2016, according to the American Bankers Association (ABA).
The ABA tracks delinquency rates on different categories of loans and releases the information in their Consumer Credit Delinquency Bulletin. For ABA purposes, delinquent accounts are those with payments that are overdue by at least 30 days.
The recent ABA report showed that credit card delinquencies increased to 2.74% of all accounts and that auto loan delinquencies increased to 0.87% of all accounts — not a huge increase but worrisome all the same. Access to credit is beginning to loosen, and th...
from MoneyTips https://www.moneytips.com/credit-card-and-auto-loan-delinquencies-rise/677
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