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A.M. Best Foresees Deterioration In Consumer Credit Fundamentals.(Brief article)
NEW YORK -- Consumer credit may be poised to deteriorate as a confluence of rising interest rates and slowing home-price growth puts pressure on debtors, according to A.M. Best Co.
Noting that consumer and mortgage debt levels have risen considerably in recent years, the insurance rating firm noted that consumer loan growth slowed considerably late last year to 1.1% in the fourth quarter of 2005. That was down from a 3.8% growth rate in the fourth quarter of 2004. Residential mortgage debt grew at a 1.34% rate in the fourth quarter of last year, while home-equity loans actually contracted slightly.
The Federal Reserve Board raised short-term interest rates by 325 basis points between June 2004 and December 2005, and raised rates an additional 75 basis points between the end of 2005 and May 10.
And A.M. Best noted that most home-equity lines of credit have variable rates, pushing up consumer borrowing costs as rates rise.
The company also said that Federal Reserve Board data show a steady increase in mortgage delinquency rates throughout 2005. ...
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