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Consumer delinquencies edge up in third quarter

According to results from the American Bankers Association's Consumer Credit Delinquency Bulletin, delinquencies in closed-end loans slightly rose in last year's third quarter amid slower economic growth. Delinquencies rose up in six out of the 11 individual loan categories.

The composite ratio, which tracks delinquencies in eight closed-end installment loan categories fell 17 basis points in the previous quarter. However, it rose 5 basis points to 1.41 percent of all accounts in the third quarter. James Chessen, ABA's chief economist commented on the decline of the delinquencies.

"The steady decline in home-related delinquencies has been a bright spot as they grind their way back to pre-recession levels," Chessen said. "We expect this trend to continue as the housing market keeps gaining strength."

To read the complete story on the rise of the consumer delinquencies in the third quarter, click here.

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