Late payments and defaults in every other major category of consumer debt also rose in the first quarter, the American Bankers Association reported. Auto loans issued through car dealers have a delinquency rate of 3.13 percent, the highest since at least 1990, according the ABA.
"The rise in consumer credit delinquencies is consistent with a rapidly slowing economy," said James Chessen, the ABA's chief economist. "Stress in the housing market still dominates the story, but it's a broader tale of an overall weak economy."
Emphasis mine. Original here.
Hm. 1990. What was happening then?
Oh, yeah. We'd recently completed 8 years of spending a bunch of money the government didn't have, because the Reaganites sincerly believed that money would appear out of thin air if we just lowered taxes on the wealthy, deregulated everything, busted unions, and prayed.
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