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October 2, 2002

ABA reports home equity loans carry least delinquencies of all loan categories

Inman News Features

The number of people past due on their credit card bills inched up in the second quarter, while other loan delinquency rates showed a mix of ups and downs, according to the latest Consumer Credit Delinquency Bulletin released by the American Bankers Association.

Home equity lines, on an unadjusted basis, continued to be the loan category with the lowest delinquencies as these defaults remained unchanged at 1.28 percent, based on the number of accounts, reported ABA.

Late payments on home equity lines of credit decreased from .64 percent in the first quarter to .58 percent in the second quarter.

Credit card delinquencies rose to 3.91 percent on a seasonally adjusted basis in the second quarter from 3.88 in the first quarter, according to ABA. The composite ratio of closed-end installment loans 30 days or more past due also rose to 2.17 percent of all accounts from 2.1 percent in the first quarter.

The composite ratio tracks eight closed-end consumer installment loans including auto, home equity and personal loans.

Second quarter credit card delinquencies based on total dollars outstanding fell to 4.08 percent on an unadjusted basis from the previous quarter's 4.5 percent level. This delinquency was below the 4.13 percent level for the same period a year ago.

"While delinquent credit card accounts edged up slightly, the good news is that the balances on those accounts dropped sharply and are at their lowest level in nearly two years," said ABA Chief Economist James Chessen.

While some loan defaults increased, others decreased or held steady, reported ABA. Personal loan defaults dropped to 3.25 percent from 3.5 percent in the first quarter, but auto loan delinquencies rose to 2.36 percent from 2.29 percent the previous quarter.

The ABA is a banking trade association that represents community, regional and money center banks and holding companies, savings associations, trust companies and savings banks.

Copyright: Inman News Service

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