英语文摘：U.S. Consumer loan delinquencies continue to fall in first quarter

WASHINGTON, July 7 (Xinhua) -- U.S. Consumer loan delinquencies fell for the third consecutive quarter in the first three months of this year, another sign of improving health of consumer balance sheets and the overall economy, an industry trade group said on Wednesday.

The composite ratio, which tracks delinquencies in eight loan categories, dropped to 2.98 percent from 3.19 percent in the previous quarter, according to a report released by the American Bankers Association (ABA).

The agency defines a delinquency as a late payment that is 30 days or more overdue.

Bank card delinquencies slipped to 3.88 percent in the first quarter. This is the first time since the second quarter of 2002 that bank card delinquencies have fallen below 4 percent.

"It's clear that consumer balance sheets are improving. People are borrowing less, saving more and building wealth. These are all positive signs,"said James Chessen, chief economist of ABA.

The report also showed improvements in housing-related loan delinquencies. Home equity loan delinquencies fell for the first time in two years to 4.12 percent from 4.32 percent in the previous quarter.

"This is the first inkling that stability is taking hold in the housing market, but the pace of recovery will still be long and drawn out,"said Chessen.

"The overall risk in banks'consumer loan portfolios is improving and will continue to do so,"he said."With job growth creeping back slowly and personal incomes rising a bit, I'm hopeful that improvements in consumer delinquencies will continue."