We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
American Economy goes from bad to worse
ad44downey
Posts: 2,246 Forumite
http://news.bbc.co.uk/1/hi/business/8139042.stm
US loan defaults hit record level
Credit card issuers have seen higher defaults
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.
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 a 25-year high of 9.4%.
"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."
US loan defaults hit record level
Credit card issuers have seen higher defaults
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.
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 a 25-year high of 9.4%.
"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."
Krusty & Phil Madoff, 1990 - 2007:
"Buy now because house prices only ever go UP, UP, UP."
"Buy now because house prices only ever go UP, UP, UP."
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards