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Delinquencies in seven of the 11 individual loan
categories fell in the last quarter of 2014 and a healthy
economy and continued financial discipline among consumers bodes
well for future delinquency rates, the bank group said.
"Consumers have regained confidence since the last recession,
but they remain careful about taking on additional debt," said
James Chessen, the ABA's chief economist.
The bankers association defines a delinquency as a payment that
is more than 30 days overdue. It does not track traditional
mortgage payments.
A composite ratio that reflects late payments in eight loan
categories, including personal and auto loans, rose three basis
points to 1.54 percent of all accounts, the group said.
Bank card delinquencies ticked up slightly in the fourth
quarter, rising one basis point to 2.52 percent of all accounts.
Delinquencies in home equity loans and home equity lines of
credit fell to 3.23 percent and 1.48 percent, respectively, as
the housing market improves.
"Home equity delinquencies are trending in the right direction
as the housing market continues its slow march toward recovery,"
said Chessen.
(Reporting by Rama Venkat Raman in Bengaluru; Editing by Anupama
Dwivedi)
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