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Moody's Analytics[/caption]
Moody's Analytics[/caption]
(Moody's) -- According to Moody’s Analytics June Household Credit Report, delinquency rates are on the rise due to the performance of mortgages. Renewed concerns around European sovereign debt and labor market weakness at home are affecting both the use and performance of credit. Other key findings include the following:
- Auto loan balances continue to grow swiftly, while balances on first mortgages fell at an annual rate of 4%.
- Bankcard balances remain below their year-ago levels despite new account growth and credit limit increases.
- The dollar delinquency rate across all loan products rose 20 basis points, to 5.6%, driven by an increase in the number of mortgages 120 or more days delinquent.
A full-text copy of the report can be accessed here.
