Customers late on car, credit card payments
Published April 3, 2008 by CSBJ Staff
Consumers fell behind on car, credit-card and home-equity loans at the highest level since 1993 during the fourth quarter, according to the American Bankers Association.
Payments at least 30 days past due increased across all eight categories of loans tracked, the Washington-based group said this morning. Late loans climbed 21 basis points to 2.65 percent of all accounts in a consumer-loan index created by the group.
These indicators, analysts said, support Fed Chief Ben Bernanke’s admission that the economy may already be in recession.
Filed under Banking and Finance, CSBJ Daily, Economics