National Increase In Late Payments On Consumer Loans - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

National Increase In Late Payments On Consumer Loans

Posted: Updated:

WASHINGTON (AP) - Late payments on consumer loans are at their highest level since the country's last recession in 2001.

The American Bankers Association says the delinquency rate on a number of consumer loans -- including auto, home improvement and home equity loans -- rose to 2.44 percent between July and September.

Meanwhile, late payments on credits card dropped for that period.

One analyst says that's because credit cards have more payment flexibility.

The quarterly survey suggests some people are feeling more squeezed than others.

Some homeowners have been battered by the housing slump and weaker home values.

One economist says delinquency rates are expected to increase even more when figures are released for the 4th quarter of 2007.