According to the American Bankers Association (ABA), late payments for consumer loans are rising as unemployment affects more and more Americans.
The highest delinquencies have occurred with home-equity lines of credit (HELOCs) and indirect auto loans (those made through dealerships). Specifically, an ABA study show the rate of late payments on indirect auto loans rose to 3.25 percent in the third quarter from 3.07 percent in the second quarter, while late payments on HELOCs rose to 1.15 percent from 1.08 percent.
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