Posts Tagged ‘late payment’

Credit Card Delinquencies Are Rising

Posted on November 01, 2017 by Laura Lam

While it’s easy to ignore when the stock market is at record highs and unemployment is reassuringly low, household debt is on the rise.  The Center for Microeconomic Data’s (CMD) latest Quarterly Report on Household Debt and Credit reveals that total household debt rose by $114 billion (0.9%) to $12.84 trillion in the second quarter of 2017.  This increase put overall household debt $164 billion above its peak in the third quarter of 2008, and 15.1% above its trough in the second quarter of 2013 Consumer debt, in many ways, should generate more concern – during the good times.  The persistence of…

Texas Delinquencies Jump 16% After Harvey

Posted on September 26, 2017 by Laura Lam

Mortgage delinquencies in areas affected by Hurricane Harvey last month were 16% higher than in July, according to Black Knight Financial Services.  More than 6,700 new 30-day delinquencies stem from the hurricane and 1,000 borrowers already 30 days past due missed another payment, said Black Knight. Despite the spike in Harvey-related delinquencies, nationally on loans not yet in foreclosure they were flat compared with July, rising only 0.72% to 3.93%, and compared with a year ago the rate is 7.27% lower than it was last August. Texas is now among the 5 states that have seen the most deterioration in their…

Consumer Delinquencies on the Rise

Posted on July 06, 2017 by Laura Lam

Delinquencies in both open- and closed-end loans rose in the first quarter of 2017, according to the ABA Consumer Credit Delinquency Bulletin released today.  The rise in closed-end delinquencies was driven by an uptick in late payments on auto loans, the report noted. The composite ratio, which tracks delinquencies in the closed-end installment loan categories, rose 5 basis points to 1.56% of all accounts, but remained well below the 15-year average of 2.17%. Delinquencies in indirect auto loans rose 8 basis points to 1.83% of all accounts, while direct auto lending delinquencies increased by 9 points to 1.03% of all accounts….

Mortgage Delinquencies Hit 8-Year High In April

Posted on May 25, 2017 by Laura Lam

The delinquency rate on first-lien mortgages (30 days or more past due) stood at 4.08% as of the end of April – an increase of 12.93% compared with March but a decrease of 3.58% in April 2016, according to Black Knight Financial Services’ First Look report.  It was the largest monthly increase in the mortgage delinquency rate in more than 8 years, the company says. However, Black Knight notes that the increase was primarily calendar-driven due to both the month ending on a Sunday and March being the typical calendar-year low and largely isolated to early-stage delinquencies.  As of the end…

Consumer Delinquencies Fall Below Historic Levels

Posted on April 11, 2016 by Laura Lam

Rising home values continue to provide consumers with a strong incentive to keep up with their home equity loan payments.  According to the American Bankers Association’s quarterly report on consumer delinquency trends, late payments on home equity loans and home equity lines of credit have dipped below 15-year averages for the first time since the Great Recession. In the fourth quarter of 2015, the 30-day delinquency rate on home equity loans fell 23 basis points, to 2.68%, from three months earlier, and home equity line delinquencies fell 13 basis points, to 1.18%, the survey found. However, property improvement loan delinquencies…

Late Payments on Home Equity Loans Hit Post-Crisis Low

Posted on October 20, 2015 by Saldutti

U.S. homeowners continue to take advantage of rising house prices to dig themselves out of the hole created by the Great Recession.  In the second quarter, the 30-day delinquency rate on home equity lines of credit dropped to 1.34%, its lowest mark since the third quarter of 2008, according to a new American Bankers Association survey.  Late payments were down from 1.42% in the first quarter.  Similarly, the rate of late payments on closed-end home equity loans dropped to 1.36%, which is another post-recession low. The comparable delinquency rate during the prior 3 months was 1.53%. The S&P/Case Shiller index,…

Show Me the Money!

Posted on September 07, 2010 by Saldutti

According to a recent Experian report, the national average number of days that businesses paid their bills beyond contracted terms increased by 2% in July compared with June. When compared with six months ago, the average payment beyond contracted terms has increased by 3.3%. The Experian report also showed that the national average dollars delinquent and dollars severely delinquent (91 or more days) are up (6% and 13%, respectively) when compared with six months ago. If your business is owed money, there are many ways to handle the situation – as we have discussed in numerous posts.  However one of the most…