Consumer loan delinquencies fell in seven loan categories, marking the first time since 2007 that so many loan categories experienced declines, according to the American Bankers Association's (ABA) Consumer Credit Delinquency Bulletin.
Housing-related loans, however, were not among the categories that saw performance improvement.
Delinquencies for home equity loans and mobile-home loans rose in the third quarter. Home equity loan delinquencies rose from 4.01% to 4.3%, while mobile-home loan delinquencies rose from 3.53% to 3.63%.
‘It's always a good sign when delinquencies decline, but they're still relatively high,’ says ABA Chief Economist James Chessen. ‘Until the economy generates more jobs and the housing sector stabilizes, they're likely to stay that way.’
SOURCE: American Bankers Association