The rise in auto and other consumer loan delinquencies reflects the avalanche of layoffs over the past year and a half. Until job growth gains upward momentum, relatively high levels of delinquencies will remain.
More Quotes from James Chessen:
It may be many months before its impact is reflected in the delinquency picture.James Chessen
My concern is many people are having financial difficulties. Personal savings rates are down. There is less of a buffer to fall back on.
James Chessen
Gas prices don't look like they are coming down any time soon. Today, it costs 500 more than it did last year to operate a car. That's a whole lot of money.
James Chessen
What we're recommending is that people take out as much cash as they would need for a long weekend. And if you're relying on credit cards, request copies of your credit report before and after the century change so you can spot and correct any Y2K errors immediately.
James Chessen
With job growth strong over the last year and gas prices easing by year-end, the delinquency picture has brightened considerably.
James Chessen
The industry is very sensitive to the fact that delinquencies have risen over the last two years. They have already taken steps to tighten underwriting standards -- to stop solicitations to risky customers.
James Chessen
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