New Ranking Lists States According to Loan Delinquencies

MIAMI–A new analysis ranks U.S. states according to levels of loan delinquencies.

To highlight the places where people are having the most trouble paying their debts, WalletHub said it analyzed proprietary user data from Q1 2024 for the 50 states.

In creating the ranking, WalletHub said it considered both the percentage of individual tradelines that were delinquent, as well as the percentages of residents’ total loan balances that were delinquent.

Mississippi at Top of List

“Mississippi has the biggest debt delinquency problem. Around 12.7% of individual loans and lines of credit in the state were delinquent in Q1 2024, the highest percentage in the country,” WalletHub reported. “Mississippi doesn’t just lead the country in the percentage of delinquent accounts, though – it’s important to also look at the overall amount of debt that’s delinquent to get the full picture. When all the dollar amounts are added together, Mississippi residents are actually delinquent on 10.9% of their overall debt. That is also the highest percentage in the country.”

The top 12 states are listed below. The full report can be found here.

Comments

Mortgage Rates See Biggest Decline in a Year; Applications Rise

WASHINGTON–Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month, according to new data. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.61% from 7.86%, with points falling to 0.69 from 0.73 (including the origination fee) for loans with a 20% down payment. The Rate Driver "Last week's decrease in rates was driven by the U.S. Treasury's issuance update, the Fed striking a dovish tone in the November FOMC statemen

Read Complete Article HERE>»

Growing Delinquencies, Especially in Auto Loans, Can be Seen in New CUNA Report

MADISON, Wis.–Ongoing increases in delinquencies, especially in automobile loans, can be seen in the new CUNA Economic Update . According to CUNA Chief Economist Mike Schenk, the report shows: Mortgage delinquencies. With data obtained by Equifax, CUNA economists said they have found “slight upward movements” in mortgage delinquency rates. Credit card delinquencies. Bigger increases in delinquency rates relative to the cyclical low – as seen during the COVID-19 pandemic – is concerning, said Schenk. Auto loan delinquencies: Data shows a “dramatic” increase in delinquency rates among institutions such as auto financing companies. CUNA Forecast CUNA’s economists are forecasting delinquency rates will peak at 1% by the end of 2024.

Read Complete Article HERE>»

Speakers & Sessions For NCOFCU 24 San Antonio TX.

National Council of Firefighter Credit Unions Inc (NCOFCU) Speakers and Schedule! It is the National Council of Firefighter Credit Unions (NCOFCU) "GO TO Conference" for credit unions serving first responders! Who should attend? CEO's, VP's Directors and Staff See What's Planned Register Here! Bring your spouse, bring a guest to enjoy San Antonio, TX River Walk 4 Days Golf 16 + Sessions Alamo Reception Closing Dinner Right on the San Antonio River Walk Several Networking events Open Forums Idea Exchange Events Panel Discussions of CU Leaders National & Industry Speakers Trends in First-Responder Credit Unions Director & Volunteer Sessions Exhibitors ShowcaseAnd So Much More! HOTEL REGISTER HERE

Read Complete Article HERE>»

Firefighter Credit Union Newsroom

Search This Blog