It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
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