While data from many sources, including the Federal Reserve and CardData, show an upward trend in credit card late payments for the past five quarters, overall delinquencies rose in 7 of the 11 individual consumer loan categories tracked by the American Bankers Association (ABA).
The ABA composite ratio, which tracks delinquencies in eight closed-end installment loan categories, rose 5 basis points to 1.56 percent of all accounts – but remains well below the 15-year average of 2.17 percent. The ABA report defines a delinquency as a late payment that is 30 days or more overdue.
Delinquencies in indirect auto loans (those arranged through a third party such as an auto dealer) rose 8 basis points to 1.83 percent of all accounts, but remain well below their 15-year average of 2.20 percent. Delinquencies in direct auto loans (those arranged directly through a bank) rose 9 basis points to 1.03 percent of all accounts, remaining well under their 15-year average of 1.57 percent.
Delinquencies in bank cards (credit cards provided by banks) rose 5 basis points to 2.74 percent of all accounts, after falling by 5 basis points in the fourth quarter of 2016. Bank card delinquencies remain significantly below their 15-year average of 3.65 percent.
Delinquencies in home-related categories fluctuated modestly. Home equity loan delinquencies fell 2 basis points to 2.59 percent of all accounts, holding under their 15-year average of 2.95 percent. Home equity line of credit delinquencies rose 5 basis points to 1.11 percent of all accounts, but remain below their 15-year average of 1.18 percent. Property improvement loan delinquencies held steady at 0.98 percent of all accounts.
The first quarter composite ratio is made up of the following eight closed-end loans. All figures are seasonally adjusted based upon the number of accounts.
Composite Ratio rose from 1.51 percent to 1.56 percent.
Home equity loan delinquencies fell from 2.61 percent to 2.59 percent.
Personal loan delinquencies fell from 1.56 to 1.54 percent.
RV loan delinquencies fell from 1.03 percent to 1.02 percent.
Property improvement loan delinquencies remained at 0.98 percent.
Direct auto loan delinquencies rose from 0.94 percent to 1.03 percent.
Indirect auto loan delinquencies rose from 1.75 percent to 1.83 percent.
Marine loan delinquencies rose from 0.99 percent to 1.02 percent.
Mobile home delinquencies rose from 4.07 percent to 4.86 percent.
In addition, ABA tracks three open-end loan categories:
Home equity lines of credit delinquencies rose from 1.06 percent to 1.11 percent.
Bank card delinquencies rose from 2.69 percent to 2.74 percent.
Non-card revolving loan delinquencies rose from 1.57 percent to 1.64 percent.