Auto loan repayment rates improve in 2011
Consumers were more likely to make timely payments on auto loans and other outstanding debts during 2011 than in previous years, according to a new analysis of consumer debt from credit agency Equifax.
Payment delinquency rates of 60 days or more fell for both auto finance companies and banks, according to the Equifax December National Credit Trends Report. For auto finance, delinquency rates fell by 19 percent, while the auto bank sector saw a 23 percent decline. More than $30 billion in new auto loans were taken out during October 2011.
Other sectors of the credit industry saw decreased rates of consumer repayment delinquency. The bank credit card lending sector saw the greatest year-over-year improvements ? 60-plus day delinquency fell by 29 percent. The retail credit card sector saw improvements of 15 percent.
"The improvement in 2011 delinquency data, paired with consistent growth in loan originations in multiple sectors, provides truly positive momentum for the industry as we begin a new year," according to Michael Koukounas, senior vice president of analytics for Equifax.
Overall consumer debt has also fallen over the last few years, according to Equifax. Total debt is now roughly $11.1 trillion, down from a record $12.4 trillion in 2008.
A recent jobs report from the Bureau of Labor Statistics found that the economy added roughly 250,000 new jobs in January, exceeding analysts expectations. With more people rejoining the workforce, this trend of on-time payments may continue.
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Source: http://www.autonetfinancial.com/news/333264/auto-loan-repayment-rates-improve-in-2011/
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