Consumer loan late payments at 28-year high
www.newsdaily.com
 Soaring unemployment has caused more Americans to fall behind on loan payments than at any time since 1980, and delinquencies are likely to
head higher, the American Bankers Association said on Wednesday.
"It is not going to be a pretty picture in 2009," James Chessen, the trade group's chief economist for 18 years, said in an interview. "The dramatic
loss of jobs will have a huge impact on the ability of people to meet their debt obligations. This is one of the toughest environments we have ever
seen."
The quarterly ABA study of delinquent payments found the percentage of loans at least 30 days late rose to a seasonally adjusted 2.90 percent in the
July-to-September period from 2.68 percent in the second quarter (visit the link for the full news article)
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2.9% are late on loan payments covering everything from houses to cars to credit cards. This is a prime example of manipulation in effect and yet
even with that manipulation happening, the numbers are approaching records. Many banks have already written off alot of these loans, and as such they
are no longer included in this percentile. As is the case with the jobless data, I'm sure the "real" number of delinquencies is at least twice the
provided figure if everyone who's really delinquent was counted.
I also bet this number will soar by this time next year as many people with student loans will have exhausted their deferment & forebearance
options.
www.newsdaily.com
(visit the link for the full news article)
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