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Mix-Ansicht- Säumige Verbraucher, mit Chart - Cosa, 06.12.2001, 10:27
Säumige Verbraucher, mit Chart
<font size="4">Credit Issues Will Dampen Consumer Spending</font>
December 04, 2001
The aggressive monetary policy strategy of the Fed is predicted to jump-start the economy in coming months. We have seen strands of evidence supportive of this forecast. Looking beyond this, household and corporate debt issues have the potential to reduce the duration of the recovery. You have read about this in several commentaries of Paul Kasriel. What follows is an update of recently published data. The American Bankers Association reported yesterday that the mortgage delinquency rate rose to 4.87% in the third quarter, which exceeds the 1992 mark of 4.67%. In addition, the Fed published information about consumer loan delinquency rates (inclusive of credit cards) and consumer loan charge offs in the third quarter, both of which are worrisome.
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The consumer loan (credit cards and other consumer loans) delinquency rate rose to 3.74% in the third quarter, up from 3.52% a year ago. Loan charge-offs (Charge-offs are the value of loans and leases removed from the books and charged against loss reserves. Delinquent loans and leases are those past due thirty days or more and still accruing interest as well as those in nonaccrual status.) have risen to 2.74%, close to the highest on record (2.76% in 1997:Q3), from 2.35% a year ago. These credit issues are likely to create a new set of problems as the economy pulls out of its current slump.
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