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While fourth quarter delinquencies on auto loans showed a slight increase, debt consolidation may help with other bills
By Edith Barlow on Mar 14th, 2010
One thing that can damage a person's credit standing is not being current on a car loan, though some consumers may be making some headway on what they owe.
A recent report from Experian Automotive showed that the dollar amount of at-risk car loans fell 10 percent during the fourth quarter of 2009. Auto loans at risk came to $26.58 billion during the final quarter of last year, compared to $29.58 billion for the fourth quarter of 2008.
Comparing the two quarters also showed that delinquency rates may be slowing. Payments on auto loans that are more than 30 days late increased by 1 percent, while those that were more than 60 days overdue increased 3.5 percent.
"These are positive signs that the automotive lending industry is getting back on solid footing," said Scott Waldron, president of Experian Automotive.
Though some consumers are having an easier time paying off their auto loans, others may be struggling with other bills. One option these people may consider is debt consolidation, which can help by lowering the amount of interest a consumer pays on their credit cards.
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