July 2 (Bloomberg) -- Consumers fell behind on loans
secured by their homes at the fastest pace in two decades in the
first quarter, signaling deeper distress in the U.S. economy,
the American Bankers Association reported.
Home-equity lines of credit at least 30 days past due rose
14 basis points to 1.1 percent of accounts for the quarter, the
Washington-based group said today in a statement. Delinquent
credit-card accounts increased 13 basis points to 4.51 percent,
the highest level since 2006.
``People are looking for any source of funds to pay their
daily expenses,'' Carol Kaplan, spokeswoman for the bankers'
group, said yesterday in an interview. ``It's a sign of the
overall condition of the economy that people are having trouble
making their payments.''
Consumers squeezed by higher food and fuel prices are
tapping revolving credit lines to stay afloat as the economy
slows. The U.S. lost 49,000 jobs in May, the fifth straight
monthly decline, and the unemployment rate rose to 5.5 percent,
the biggest jump in than two decades.
more
READ MORE: Bloomberg
Last update : 01-08-2008 18:12
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