During the third quarter (Q3) of 2011, consumer delinquencies declined in the majority of loan categories, the American Bankers Association (ABA) said in a recent report.
According to the ABA, delinquencies dropped in seven of eleven credit/loan categories measured. This decline was led by a drop in both direct auto loan delinquencies from 1.23 percent to 1.15 percent and indirect auto loan delinquencies (2.89 percent to 2.60 percent).
“Household debt levels continue to fall and are getting easier to manage,” James Chessen, ABA Chief Economist, said in a statement. “Subtle improvements in the economy such as lower gas prices and a better job market have reduced some of the stresses facing consumers.”
Improvement was also seen in home equity loans, as delinquencies fell to 4.12 percent in Q3 2011 from 4.38 percent the previous quarter. Home eq
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