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With auto loan delinquencies expected to rise, some may consider debt management plan to deal with financial difficulties
12/17/2009
A recent report indicates that some consumers are going to continue to have a hard time when it comes to trying to pay off debt on their auto loans.
According to TransUnion, the number of auto loans that are more than 60 days delinquent will increase by about 7 percent by the end of 2010. Delinquencies are expected to come in at 0.86 percent of auto loans for the end of 2009, and should grow to 0.92 by the end of last year.
Peter Turek, automotive vice president in TransUnion's financial services group, said that the the firm does anticipate delinquencies to drop during the first two quarters of 2010. However, additional strains - such as back-to-school spending and summer vacations - could push up delinquencies on auto loans.
"While the rate of increase should be relatively mild, it is a cautionary number to those expecting an abrupt turnaround in the auto finance industry," Turek said.
Including auto loans, a number of other credit-related industries have seen difficulties as consumers find it hard to pay off debt. However, some consumers may consider turning to a debt management plan in order to deal with some of their outstanding debts on unsecured loans, including those associated with their credit cards.
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