Tapped

Us consumers are getting more behinder. AP (01.03.07), via ThinkProgress:

"Late payments on a cluster of consumer loans, including those for autos, home improvement and certain home equity loans, climbed in the summer to their highest point since the country's last recession in 2001.

The American Bankers Association reported Thursday that the delinquency rate on a composite of consumer loans increased to 2.44 percent in the July-to-September quarter."

Late Payments on Consumer Loans Rise

"That was up sharply from 2.27 percent in the previous quarter and was the highest late-payment rate since the second quarter of 2001, when the economy was suffering through a recession."

Delinquencies on auto loans arranged through dealerships "jumped in the third quarter to 2.86 percent, a 16-year high." Yeah, we think we know why, too.