- The Washington Times - Thursday, April 2, 2009

NEW YORK (AP) - Delinquencies on consumer loans are continuing to rise, according to new data released by the American Bankers Association.

The delinquency rate during the fourth quarter of 2008 across multiple consumer loans increased to 3.22 percent. It is the highest delinquency rate since the ABA began tracking the data in the 1970s. The delinquency rate was 2.90 percent during the third quarter.

Job losses during were the primary reason for the rise in loan delinquencies during the quarter, says James Chessen, the ABA’s chief economist.

The ABA’s delinquency data tracks auto, personal, home equity, home improvement, recreational vehicle, mobile home and marine loans.

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