Equifax: Auto, credit card loans up in august
The total outstanding balances in August on auto loans and credit cards rose from August 2012,with bank-issued credit cards experiencing increases in two consecutive months for the first time in five years, said Equifax’s latest National Consumer Credit Trends Report.
Retail card balances have notched 24 consecutive months of year-over-year growth. The total balance of existing auto loans is at its highest level in more than five years, said Equifax.
The statistics are consistent with the Monthly Credit Union Estimates for August compiled by the Credit Union National Association, where credit union new-car loan balances are surging, with an 11.9% increase the past year. (See related News Now story CUNA: Loan Growth Leads a Strong August by using the link.)
Changes in balances from August 2012 to August 2013 included:
- Auto loans, up 9.7% to $834.4 billion from $760.8 billion;
- Bank credit cards, which rose 0.2% to $537.8 billion from $537 billion; and
- Retail credit cards, which increased 7% to $55.9 billion from $51.9 billion.
Auto loan and credit card portfolios are the only two major segments in which rising balances accompany improving delinquency rates. Year-over-year changes in the 60-day plus delinquency rates, as a percentage of total balances outstanding, included:continue reading »