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U.S. consumers fall behind on loans at record pace
Jonathan Stempel
Reuters
Tuesday, July 7, 2009
NEW YORK (Reuters) – Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills.
Delinquencies on the value of all card debt soared to a record 6.60 percent from 5.52 percent in the fourth quarter as more cardholders relied on plastic to meet day-to-day expenses, the American Bankers Association said.
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Late payments on home equity loans rose to 3.52 percent from 3.03 percent, and on home equity lines of credit climbed to 1.89 percent from 1.46 percent.
A broader gauge showing late payments on eight categories of loans rose for a fourth straight quarter to a new record, edging up to 3.23 percent from 3.22 percent. That rate actually understates consumer pain because it excludes credit cards. The ABA tracks loan payments that are at least 30 days late.
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15 Responses to “U.S. consumers fall behind on loans at record pace”
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July 7th, 2009 at 11:18 am
Those 8 catorgories “excludes” credit cards? What are they counting, people late with library books? Let me tell you something, alot of people I know are so god damn pissed at credit card banks like Citi, Chase and B of A, because they stole taxpayer money and still jacked up interest rates on 800 FICO customers. Lots of regular citizens are gearing up for some “payback”! The “word” out there (that’s coming down) is ordinary people are going to jack up every one of their credit cards and then STIFF the investment banksters that stole our tax money. People don’t care about good credit scores no more because most have homes in forclosure anyway and their jobs are to be outsourced. People are getting a “screw them” attitude and I can’t blame them. I wish everyone reading this would stiff the credit card banksters and pass the word to all their friends to do the same. Cash is king, out.
July 7th, 2009 at 11:40 am
They spy on what you are doing with your credit card. That’s how they know if you are buying to meet “day-to-day” expenses.
If you are in debt you are really a slave to them (like I am). I cannot emphasize that enough!
Get out of debt and get rid of your credit cards (if you find they are creating trouble).
Uncle Sam Reply:
July 7th, 2009 at 8:49 pm
Right in their necks!!!
If you can’t get credit anyway, who gives a shit! I ain’t paying what I don’t got! What are they going to do? Kick you ass? No, the phone will keep ringing “800 services”, that’s it.
They stole from us. Now steal it back.
July 7th, 2009 at 12:25 pm
Hey serf. You are not a slave to them because of credit card debt, they want you to think that. But credit cards are “no collateral debt” and they can’t do crap to you. Do you think they will sue you for a lousey 10K ? Not.
brass balls Reply:
July 7th, 2009 at 4:04 pm
There is no deb’ters prison in A merica it was outlawed(not yet at least) and if they put you on a no fly list or no buy, no work no drive list, its called “outlawery” or “bills of attaider” and that has been stuck down by the U.S. Supreem court numerious times, and to do this because of bad credit, its an unlawful restrant opon your liberty a form of national house arrest, this is why we beat Brittins Ass and now full cirle they come back to entrap the free people, liberty or death. The fithy low life Britts called the founding fathers terrorest, and so did F.E.M.A. now Home Land Security, the Brittish have returned with the tereny to go with it. Thats why Obama was kissing the Queens greasy stinking ass.
A bill of attainder was a legislative act that singled out one or more persons and imposed punishment on them, without benefit of trial. Such actions were regarded as odious by the framers of the Constitution because it was the traditional role of a court, judging an individual case, to impose punishment.” William H. Rehnquist, The Supreme Court, page 166.
Brass Balls Reply:
July 7th, 2009 at 4:26 pm
To be declared an outlaw was to suffer a form of civil or social death. The outlaw was debarred from all civilized society. No one was allowed to give him food, shelter, or any other sort of support — to do so was to commit the crime of aiding and abetting, and to be in danger of the ban oneself.
An outlaw might be killed with impunity; and it was not only lawful but meritorious to kill a thief flying from justice — to do so was not murder. A man who slew a thief was expected to declare the fact without delay, otherwise the dead man’s kindred might clear his name by their oath and require the slayer to pay weregild as for a true man. Because the outlaw has defied civil society, that society was quit of any obligations to the outlaw —outlaws had no civil rights, could not sue in any court on any cause of action, though they were themselves personally liable.
YOU PEOPLE WHO DON’T GET WHAT IS GOING ON NOW, THIS IS A SYSTEM THAT OPERATED IN ENGLAND, LESS THEN 200 YEARS AGO, THEN YOU ARE RETARDED AND DESERVE WHATS COMING NOW
July 7th, 2009 at 12:40 pm
It’s simple, if you don’t have a job, you can’t pay your bills.
With people losing their jobs left and right, it’s only common sense to KNOW that they can’t pay their bills.
July 7th, 2009 at 3:13 pm
The government doesn’t pay its bills either!
Brass Balls Reply:
July 7th, 2009 at 4:48 pm
I don’t know what your talking about Dave, they give out I.O.U’s don’t they., it’t almost like cash right.
pitofdoom Reply:
July 7th, 2009 at 6:37 pm
Doom is coming from breakfast in America!!
pitofdoom Reply:
July 7th, 2009 at 6:38 pm
Coming FOR breakfast.
Which there was an edit button!
July 8th, 2009 at 5:37 am
and yet a week later the chimp of pop is still the biggest news while the whole country crumble down around us proof the news media are useless lapdogs for the criminal wealthy i want to make a law that being to wealthy is a crime especially for the pope whos words now mean nothing
July 8th, 2009 at 5:50 am
Joe in JT is right on the mark. Sounds like the situation I am in. I had 8 credit cards between three businesses I own and 2 personal. If out of the blue (like they did) start raising rates over night, your monthly outlay could rise by $1000-$2000/mo. So not only are they putting my credit rating in danger (moot at this point) they are making businesses go out of business that can’t handle the extra load. Especially when I could not get any kind of consolidation loan due to the banks not lending late last/early this year. Still pretty impossible now too. THERE is your shrinking economy too. Honestly, I think we are just not seeing the beginning of the great crash because I have been holding off this situation for over 9 months now just like everyone else. You can only do that for so long. Sales have been down and credit debt it up.
July 8th, 2009 at 6:56 am
NO SWEATTY DAH…MORE HOMES FOR THE CHINESE TO BUY..
July 8th, 2009 at 6:57 am
ITS ALL PLANNED THAT WAY BUBBA–NOW SHUT UP SIT BACK DOWN ON THE SOFA AND OPEN ANOTHER BEER..