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While auto delinquencies fall, debt consolidation can help with other bills
By Marvin Milner on May 29th, 2010
Of auto loans in the country, only 0.66 percent were more than 60 days past due during the first quarter, according to a recent report from TransUnion.
The level of loans late on payment for the three-month period represents an 18.52 percent decline when compared to the fourth quarter of last year. States with the highest delinquency rates included Louisiana and Alabama, while Alaska and North Dakota had among the lowest.
"On a state-level basis, 46 states experienced a drop in their quarter-to-quarter delinquency rates, while only three states showed an increase on a year-over-year basis," said Peter Turek, a vice president with TransUnion's financial services group.
The average amount of vehicle debt carried by consumers also dropped during that time, falling from $12,568 to $12,501. When compared to the same time last year, debt tied to auto loans has dipped 0.75 percent.
Not every consumer, however, is managing to stay current on their auto debt. One way consumers may find they can help make ends meet is through debt consolidation, which can reduce the amount they pay on credit card bills.
Those extra funds could be used to help pay off other debts, including mortgage and car loans.
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