Nevada Sees Average Auto Debt Drop
National delinquency rate falls in second quarter.
While Nevada has seen some of the highest foreclosure rates in the country, it may be no wonder that more people there have had to file bankruptcy.
However, one indicator of consumers having trouble did see some improvement during the second quarter. According to a recent report from TransUnion, Nevada saw the second-highest drop in the average amount of auto debt carried per person.
The Silver State saw average vehicular debt decline 1.3 percent during the second quarter, while the country as a whole experienced a drop in the number of auto loans that were at least 60 days late on payment.
The number of those troubled loans fell 19.7 percent. However, the company also said that average debt increased from $12,501 to $12,643.
"Based on our current economic assumptions, TransUnion believes that the 60-day auto delinquency rate will continue to show seasonal patterns, but gradually drift upward, reaching a rate of around 0.6 percent by the fourth quarter of this year," company vice president Peter Turek said.
If delinquencies increase, it could be a sign that people are having difficulty with other forms of debt.
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