Americans are getting more behind on their timeshare rental payments, according to Fitch Ratings. Approximately 3.75 percent of timeshare borrowers were behind on their bills in the fourth quarter, up from 3.37 percent in the same period a year earlier, and the highest level since the end of 2011, according to the report.
According to Fitch, the defaults are evidence that loan companies are becoming less strict when financing to customers. These companies are also writing off more loans. The default rate rose to 0.70 percent in the fourth quarter from 0.61 percent in the same period a year earlier.
Other pockets of weakness include online consumer loans and subprime auto loans, which we have touched on in previous blogs. These rising delinquencies come as Americans have increased their debt at the fastest pace in three years.
U.S. household debt increased by $226 billion in the last three months of 2016, bringing total consumer debt to $12.58 trillion. The numbers, which include mortgages, student loans, auto loans and credit card debt, are dangerously close to the $12.68 trillion high-water mark in 2008.
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