Consumer loan delinquencies rise to record high

The number of people delinquent on their loans rose to a record high in the first quarter, according to the American Bankers Association.

The industry group blames the record wave of job losses as a major factor.

More than 2 million Americans lost their jobs in the first three months of the year. Six million have lost their jobs since the recession began.

“Delinquencies won’t improve until companies start hiring again and we see a significant economic turnaround,” ABA chief economist James Chessen said in a news release.

The ABA defines delinquency as a payment that is 30 days or more overdue.

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- Posted: 2009-07-07 10:22:47

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