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Auto loan delinquency rate falls in Florida
By Angela Hawke on Sep 2nd, 2010
New reports have shown that the state of Florida is still struggling with credit card and loan debt, despite falling delinquency rates across the country. However, a recent survey found that Floridians are repaying their auto loans at a quicker rate, hinting that borrowers may finally be heading toward financial stability.
The Orlando Sentinel is reporting that the delinquency rate of auto loans has fallen over the past year. In the second quarter, the rate was approximately 0.67 percent, a 27.2 decrease from this time one year ago. TransUnion, a national credit bureau, says that this is the 19th best improvement across the country.
"The national trend continues to point to a clear improvement in payment behavior," TransUnion representative Peter Turek told the Sentinel. "This movement toward fiscal responsibility is reflected in the year-over-year results."
Florida ranked third in a recent survey by CredAbility, a non-profit credit counseling group, which listed states struggling the most financially.
Those struggling with debt could consider credit counseling. By meeting with a financial expert, borrowers can create a repayment plan that works best with their current financial situations.
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