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Low Mortgage Delinquency Levels Stabilize Consumer Credit Market

American consumers continue to pay their bills on time even as they take on more and more debt. In its quarterly consumer delinquency bulletin, released Thursday, the American Bankers Association said that the delinquency rate on consumer loans held steady at 1.56% in the second quarter, unchanged from the prior quarter and still well below the 15-year average of 2.16%.

CHICAGO, IL, Nov 16, 2015 (Marketwired via COMTEX) — Consumer credit markets continued their strong performance in the third quarter, according to TransUnion’s TRU, +1.78% Q3 2015 Industry.

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The credit card delinquency rate (the rate of borrowers 90 days or more delinquent on their general purpose credit cards) rose nearly 7% from 1.34% to 1.43% in Q3 2015.

Non-revolving debt at the consumer level also declined by 0.3 percent year-over-year in Q3 down to $113,973 per consumer on average at the end of the quarter. "Consumer credit performance continued to be healthy in the third quarter of 2015. Delinquencies for mortgages continued to drop, while both auto and credit card default rates remained near all-time lows," said Ezra Becker, VP of research and consulting in TransUnion’s financial services business unit.

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A decade after the last economic crash, the U.S. credit card market. the double-digit levels hit during the last recession. The report found that credit trends in other consumer loan categories.

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DSNews BY: brian honea november 16, 2015 Mortgage delinquency rates continued their trend of year-over-year double-digit declines in the third quarter of 2015, which contributed to the strong performance of consumer credit markets during Q3, according TransUnion’s Q3 2015 Industry Insights Report released Monday.

"Low delinquency rates on home mortgages are a contrast to the rising delinquency rates on consumer credit," said Nothaft. "While home mortgage delinquency rates are at, or are near, their lowest levels in two decades, delinquency rates for auto and student loans are higher now than they were during the early and mid-2000s.

"We continue to see declines in the mortgage delinquency rate, largely a result of the better credit quality of recent home buyers and a housing market which has seen sustained price.