Late Loan Payers’ Numbers Surge

People didn’t want to be in such a situation. But they are forced to be so.

With the lost jobs, plummeting businesses, how can they pay their loans? And this obviously increased the number of delinquencies in the nation to a record high.

According to American Bankers Association, the number of late loan payers has hit a higher number since 1980s.

The previous record was in the name of the third quarter the year 1989 where the number of delinquencies was 2.88%.

According to the new statistics the third quarter of 2008 has broke the record with 2.9%.

People are also not able to pay their credit card bills. Indirect auto loans and Home equity lines of credit are the two types of loans which hit record high in delinquencies in the third quarter of 2008.

Delinquencies of indirect auto loans are at 3.25% and in the case of home equity lines of credit, they are with 1.15%.