U.S. consumer loan delinquencies see improvement in Q4

15:30, April 06, 2011      

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The U.S. consumer loan delinquency rates experienced broad-based improvement in the fourth quarter of 2010 with nine of eleven loan categories showing reduced delinquencies, according to a report released Tuesday by American Bankers Association (ABA).

The ABA said that the composite ratio, which tracks delinquencies in eight closed-end installment loan categories, dropped to 2.68 percent of all accounts in the fourth quarter, an improvement of 33 basis points from the previous quarter.

The delinquencies of personal loan and other five loan categories decreased to different extent. However, property improvement loan delinquencies rose from 1.23 percent to 1.26 percent. Meanwhile, home equity loan delinquencies remained steady at 4.05 percent.

In addition, three open-end loan categories tracked by ABA were all down, with bank card delinquencies dropping to 3.28 percent, the lowest level in almost a decade.

"Consumers are clearly showing better control at managing their debt even while increasing their borrowing, especially in auto loans and student loans," said James Chessen, the Chief Economist of ABA.

Looking towards the first quarter of 2011, world events have created some uncertainty about whether consumers would be able to continue paying their bills on time, added Chessen.

The American Bankers Association represents banks of all sizes and charters in U.S. and is the voice for the nation's 13 trillion U.S. dollars banking industry and its two million employees.

Source: Xinhua
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