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Business Briefing / THE ECONOMY

A few more consumers late on loans

October 04, 2008|From Times Wire Reports

Consumer loan delinquencies rose only slightly in the second quarter, a sign that the federal economic stimulus package helped people pay off debt, the American Bankers Assn. said.

The association said a ratio of eight installment-loan types crept up to 2.68% from 2.62% in the first quarter. The report defines delinquency as a payment that is 30 days or more overdue.

The report attributed most of the rise to home equity loan delinquencies -- a sign of continued weakness in the housing market.

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