WASHINGTON--Consumers continue to pay down debts across a number of loan categories, according to data released last week.
The American Bankers Association said its Q3 2011 consumer delinquency data for 11 loan categories showed decreasing delinquencies across seven of those categories. That's a sharp reversal from Q2, when there was an uptick in delinquencies in nine of those same categories.
The ABA's composite ratio, which includes delinquency rates for eight closed-end, or fixed installment, loan categories, fell to 2.59% from 2.88% last quarter and from 3.01% a year prior. In the Q3 data, delinquencies declined in two of the largest categories: indirect auto loans (down to 2.6% from 2.89%) and closed-end home equity loans (down to 4.12% from 4.38%).
The ABA said its biggest issue moving forward
The ABA defines delinquency as a late payment that is 30 days or more overdue. Delinquency rates are seasonally adjusted. Consumers also made fewer late payments in the most recent quarter tracked on personal loans and direct auto loans, as well as on loans for RVs, marine vessels or property improvements.
