Consumer loan delinquencies rose for the first time in four quarters as the economy continues to struggle.
The American Bankers Association said in a report released on Monday that the overall delinquency rate rose slightly from 2.98 percent to 3 percent in the second quarter based on the statistics the group uses to measure how much trouble consumers are having making payments on loans.
The delinquency rate had been dropping steadily since hitting 3.35 percent in the second quarter of 2009.
"The economic momentum over the last few quarters seems to be losing steam," ABA Chief Economist James Chessen said in a statement. "This will affect job creation and the ability of consumers to pay off debt. I think delinquencies will continue to improve but at a slower pace, reflecting a struggling economy."
The ABA defines a delinquency as a payment that is 30 days or more overdue.
Mobile home loan delinquencies went from 3.65 percent to 4.01 percent in the second quarter while marine loan delinquencies jumped from 1.93 percent to 2.2 percent.
Among the bright spots, bank card delinquencies fell from 3.88 percent to 3.62 percent in the second quarter, and direct auto loan delinquencies fell from 1.79 percent to 1.67 percent over the same period.
Chessen said one reason the delinquency numbers remained mostly steady overall is because banks are writing off loans that have not be repaid.
The latest numbers reflect the larger issue facing policymakers considering ways to jump-start the economic recovery.
Consumer spending had been a major driver of the economy before the recent recession. During this time, however, the accumulation of too much debt, particularly through mortgages, is seen as a leading cause of the 2007-2009 financial crisis and the ensuing economic downturn.
How to strike a balance between spending and debt has proved vexing.
On Monday, President Obama said consumer spending was less likely to drive a robust recovery because Americans are focusing more on reducing their debts and increasing their savings.
The Obama administration and congressional Democrats have recently focused on boosting small business lending as one way to get the economy going.
