Fewer Americans are falling behind on their credit card payments, a bankers trade group says, but delinquencies are rising on other types of consumer loans, including home-equity loans and credit lines.
The American Bankers Assn. said Thursday that overall missed payments for eight types of installment loans fell from 2.24% of all accounts in the second quarter to 2.16% in the third quarter. That was well below the 15-year average of 2.4%.
The trade group said bank card delinquencies dropped to their lowest levels since 1994, falling to 2.75% of all accounts -- well below the 15-year average of 3.89%.
“Consumers are paying close attention to their finances as they continue to pay down debt in an uncertain economy,” the group's chief economist, James Chessen, said in announcing a quarterly assessment of how consumer loans are faring.