Loan Delinquencies Highest in 16 Years

The American Banking Association reports the highest number of loan delinquencies since 1992.

...[T]he percentage of loans at least 30 days past due rose to 2.65 percent in the fourth quarter from 2.44 percent in the third quarter, and from 2.23 percent a year earlier.

The mortgage and credit card industries have already experienced increasing numbers of delinquencies. Increased late payments show that consumers, strapped for cash, are having to make tough decisions about which bills they will and will not pay.

Backburning your loan and credit card payments can have long-lasting negative effects on your credit history. To protect your credit history, make every effort to make your credit card and loan payments. You may have to cut spending in other areas to make it happen.

Related:

• How Making a Late Credit Card Payment Affects You
• 5 Principles of Making Credit Card Payments
• What To Do When You Can't Make Your Credit Card Payment