I was just reading an article about loan delinquencies. These are national numbers released by the New York Federal Reserve. Delinquency rates are loans that are at least 90 days past due, and the real surprise to me was the rate for student loans.
Nationally, 3.1% of mortgage loans are delinquent;
3.5% of auto loans are delinquent; and
11.3% of student loans are delinquent.
Really? More than 1 in ten student loans is at least 90 days past due? Washington, I think we have a problem.