US loan defaults hit record level

Discussion in 'Wall St. News' started by ByLoSellHi, Jul 13, 2009.


    US loan defaults hit record level

    The level of people falling behind with consumer loans in the US hit a new high in the first three months of 2009, the American Bankers Association said.

    Credit card issuers have seen higher defaults

    Rising unemployment was behind the missed payments, it suggested.

    Delinquencies - payments that were more than 30 days overdue - rose to 3.23% from 3.22%, the highest level since rates began being tracked in the 1970s.

    Credit card loan delinquencies also increased, rising to 4.75% from 4.52% in the last quarter of 2008.

    The US unemployment rate is now at 9.5%.

    "The number one driver of delinquencies is job loss," said the ABA's chief economist, James Chessen.

    "When people lose their jobs, they can't pay their bills. Delinquencies won't improve until companies start hiring again and we see a significant economic turnaround."
  2. This is Obamonomics in motion. Stay tuned. Soon , all jobs will be in Gov. Equity markets will be moribund. No liquidity to trade.
    Futures will be shackled by onerous equity requirements, perhaps even PDT rules. Forex accounts will be curtailed to AMerican citizens as illegal under tender laws-forceing us to take worthless $Greenbacks-as in Argentina.
    My advice: Study for the Civil Service exam.
  3. Lucrum


    Is that particular exam written in English or Ebonics?

  4. where do you people crawl out of?

    let me guess, some rock in Mississippi?

  5. No! Not Mississippi. I currently reside under a comfortable rock
    in San Diego.
  6. bro59


    Anyone should be aware that the trend is towards more government spending and more government jobs....under both parties.

    Your statement is racist in terminology and ignorant of established facts. Obama may end up adding more to government job rolls, but so far it has been proven beyond doubt that under G.W. Bush and Greenspan the Feds presided over the most jobless "recovery" in the history of the American economy.

    It really sucks that the only place for young workers to park themselves may soon be within the last standing union, that of an employee of the U.S. gov't. I am sick however of hearing how Obama is a socialist. If you don't know that Republicans socialize debt through borrow and spend and that Dems socialize debt through tax and spend then you don't know dick.

    Republicans had their chance and they ran America into the poor house. Give the Dems a chance to burn down the poor house before you start slinging mud, and try to be more creative than Fox News when you do so.
  7. NazSpaz


    This was a thread on credit card defaults. It's really kind of sad how every thread on elite these days degrades into a political argument between reps and dems. This thread did it all on the first page.

    This is a non-voting year, we get so much of it already, we should have a rule that in non-voting years no one can say anything political.

    Like it or not the people that are in power will be there throughout this year with no vote to change it, so why bother dscussing until the next time we can. Then we look back and know for sure how they did.

    We should get back to talking about banks and credit card delinquencies, which could be a massive problem for the banks if that shoe keeps dropping which it looks like it will.
  8. pismo10


    Yes the republicans have become as liberal as the democrats. This is what is destroying America.

    Liberalism is the problem regardless of party.

    Balanced budgets, limited spending, strong dollar, free trade, less govt, tax cuts. ie Conservatism will get America going again unfortunately neither party is interested in this, just in buying elections by spending.
  9. Conservative liberalism or Libtard liberalism... a Hobson's choice if ever there was one. The only real difference is that the Libtard version of destruction is faster.
  10. TGregg


    Conservative liberalism does not exist. Try this instead:

    #10     Jul 14, 2009