With increased job opportunities and fatter paychecks, Americans may be better off then they have been in years, yet they are doing worse when it comes to paying off their loans every month.
Delinquencies rose in last year's third quarter, according to the American Bankers Association. The ABA's Consumer Credit Delinquency Bulletin tracks 11 loan categories, including home equity lines of credit, auto loans and credit cards. The report defines a delinquency as a payment that's 30 days or more overdue.
"There have been a lot of new jobs created, wages have increased, and that has improved the financial position of consumers," said James Chessen, ABA's chief economist. Still, "it's important for consumers to remain cautious and maintain their discipline in keeping debt at levels they can comfortably manage."