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Late payments on auto loans remain the same, though struggling consumers may look to consumer credit counseling to help set u
By Angela Hawke on Mar 2nd, 2010
Though some people may be having problems trying to pay off debt, a recent report shows that late bills on auto loans remained level at the end of last year.
According to TransUnion, the 60-day delinquency rate on auto loans stayed at 0.81 percent between the third and fourth quarters of 2009. On a year-over-year basis, the 60-day delinquency rate in the U.S. for auto loans dropped 5.81 percent in the final quarter of the year.
Peter Turek, automotive vice president for TransUnion's financial services business unit, said that the rate remaining the same goes against trends that are normally seen during that time of the year.
"Since 2000, auto delinquency rates have increased in the fourth quarter except for one occasion back in 2003," Turek said.
Though delinquencies declined, the average amount owed by consumers did go up a bit. The average auto loan debt increased from $12,542 to $12,568 from the third to fourth quarters.
Though average debt only went up a small amount, and though consumers may seem to be having an easier time with their auto loans, other people may still be struggling with their debt. One option for those people may be consumer credit counseling, which analyze incomes and set up a spending plan to help with bills.
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