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Article: Home loans signal stress; Late payments rise for some forms of debt, while credit card delinquencies drop.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- July 4, 2007
CopyrightCOPYRIGHT 2007 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JEANNINE AVERSA - Associated Press
WASHINGTON - Late payments on home equity loans climbed to a 1(-year high in the opening quarter of this year, while delinquencies on credit card bills fell, painting a mixed picture of how people are managing their debt.
The American Bankers Association, in its quarterly survey of consumer loans, reported Tuesday that late payments on home equity loans rose to 2.15 percent in the January-to-March quarter. That was up sharply from 1.92 percent in the final quarter of last year and was the highest since the late summer of 2005.
"There are still signs of consumer financial distress, which will continue ...