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Published: April 06, 2008 12:00 am    print this story   email this story   comment on this story  

Borrowers were later with payments last year

The Norman Transcript

In the first quarter of 1992, when the nation was just emerging from a recession, many borrowers fell behind on car, home equity and home improvement loan payments.

The American Bankers Association reported this past week that late payments on consumer loans had increased to 2.65 percent for the fourth quarter of 2007. The quarter just prior to that delinquent payments were 2.44 percent.

The rate was the highest rate since the early 1990s and provided further evidence that some areas of the country are experiencing a slumping economy.

Bankers said auto loan delinquencies jumped in the fourth quarter of the year. The 3.13 percent mark was the highest level on record for nearly 20 years.

The survey was based on information supplied by about 300 banks nationwide, according to the Associated Press. Late payments increased across all eight loan categories surveyed by the association.

When money gets tight and jobs get cut, borrowers usually have the option of making minimum or reduced payments on credit cards and revolving charge accounts. Home mortgages and car loans don't contain such an option. The big ticket payments are what tend to suffer in recessionary periods.

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