Consumer loan delinquencies rise in 4th quarter

Delinquencies on consumer loans are continuing to rise, according to new data released by the American Bankers Association.
APR 02, 2009
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.

Latest News

Hightower Signature Wealth grows by $2.5 billion with Stearns deal
Hightower Signature Wealth grows by $2.5 billion with Stearns deal

Stearns Financial Group's addition brings 30 advisors and three decades of North Carolina planning experience to the platform.

Edward Jones backs senior protection rules after $3 million account freeze
Edward Jones backs senior protection rules after $3 million account freeze

An 86-year-old from Dallas tried to withdraw funds from his account, but Edward Jones invoked a FINRA-backed temporary lockout before he eventually left for Merrill Lynch.

iTP Partners launches $3.5 billion RIA on Cetera's Blueprint
iTP Partners launches $3.5 billion RIA on Cetera's Blueprint

The veteran-led advisory firm moved nearly 50 advisors from Osaic to Cetera this week, launching a new equity-ownership RIA with two key footprints in the East Coast.

Congress can help long-term mutual fund investors keep more of their money working
Congress can help long-term mutual fund investors keep more of their money working

If passed into law, the GROWTH Act would address a question of fairness for conscientious savers doing exactly what wealth management experts advise them to do.

Rising costs top retirees' worries, but most remain financially stable
Rising costs top retirees' worries, but most remain financially stable

A new Oath survey finds inflation is retirees' top concern in 2026, but most remain stable — the real gap is planning for life beyond the portfolio.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income