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Late loan payments expected to rise

Financial stress will mean even more late payments in 2009. This year, auto loan and mortgage delinquencies are expected to hit their highest levels in at least 17 years, according to TransUnion Trend Data. TransUnion samples a database of 27 million anonymous consumer records. TransUnion first recorded such data in 1992. Such forecasts are not good for consumers. Those with trouble paying bills are advised to talk with creditors sooner rather than later and not charge more until problems are resolved. Rising delinquencies also could put more pressure on lenders and slow available credit for new car loans. Many borrowers will need to shop aggressively for loans. "If delinquencies continue to rise, lenders are going to have to make decisions on who they loan to. They could be a little more selective," said Peter Turek of TransUnion. The 60-day auto loan delinquency rate in the U.S. for the third quarter was 0.80 percent. It could hit 1.03 percent by the end of 2009, according to TransUnion. Mortgage delinquencies 60 days behind or more could rise 54 percent from 4.66 percent at the end of 2008 to 7.17 percent at the end of 2009, TransUnion says. Nationwide, consumers were increasingly late making payments in the third quarter on home equity loans, home equity lines of credit, property improvement loans, loans for boats, RVs and mobile homes, and personal loans, the American Bankers Association said. www.sallyandj.com "The key factor that drives any consumer credit delinquency is job loss," said James Chessen, chief economist for the ABA. Many economists say they expect the unemployment rate to go up.