Consumer debt, late payments up

July 7, 2009 2:26:52 PM PDT
People are falling behind on their credit card payments and home loans more than ever because of these tough economic times and job losses. Consumers who have fallen behind on their payments hit an all-time high in the first quarter, that's according to the American Bankers Association. Delinquency rates on the value of a credit card increased to 6.6 percent -- that's up from 5.5 percent in the fourth quarter. Late payments on home equity loans rose to three and a half percent from three percent.