More Default on Loan Payments

Last week the American Bankers Association (ABA) announced that consumer delinquencies are increasing. In other words, we're not paying off our loans on time.

The most recent data, from the 4th quarter in 2007, shows that delinquent loans rose to levels not seen since 1992. This is just another sign that we're getting squeezed by high prices and a slowing economy. All types of loans are to blame.

A press release from the ABA spells out the details and offers some tips on how you can tell when trouble is coming. In addition, they provide tips for borrowers in trouble. Of course, one of the most valuable tips is to communicate with your lender -- don't just stick your head in the sand and stop paying.