Nearly One In Four Homeowners are Under Water ...
It's not just mortgages lenders should be worried about. Consumers are also falling behind on car loans and credit card bills, according to TransUnion, one of three U.S. credit reporting agencies.
The percentage of vehicle loans 60 days or more past due rose 8.9 percent in the fourth quarter of 2008, with the numbers increasing sharply at the end of the year. At the same time, consumers who were 90 days or more behind in their credit card payments rose 11 percent in the same period, the company reported.
Since the current recession officially began in December 2007, delinquencies on auto loans have surged 25 percent, compared with a 10 percent increase in the 2001 recession. TransUnion said it expects that rate will increase as much as 16 percent before leveling off.
TransUnion says car owners are beginning to face the same problem as many homeowners who took out subprime mortgages with little or no money down — they now owe more than their car is worth.
Meanwhile, the average credit card debt, defined as the aggregate balance on all bank-issued credit cards for an individual bankcard borrower, inched upward nationally 0.33 percent to $5,729 from the previous quarter's $5,710, and 1.96 percent compared to the fourth quarter of 2007.
Read more: http://www.consumeraffairs.com/news04/2009/03/delinquencies_rise02.html#ixzz0hPAroGP6
American Eagle Realty cannot help you with your car payments or your credit card debt, but we can help you with solid answers about your rights and options before your house is foreclosed on!
American Eagle Realty
www.american-eagle-realty.com
502-969-1801
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