by Paul Gatling
Posted 11/9/2012 09:09 am
Updated 2 years ago
According to the latest data on consumer debt, Arkansas has the fourth-highest serious delinquency (SD) rate among the seven states included in the U.S. Federal Reserve Bank’s Eighth District in St. Louis.
The Fed published the report in the October issue of the The Regional Economist banking magazine, which is published quarterly.
The SD rate, a common financial stress indicator for consumer debt, is defined as consumer debt — credit card loans, consumer finance loans and retail loans — that is at least 90 days past due.
According to the report, the SD rate for Arkansas households at the end of June was 9.63 percent, trailing Indiana (8.58), Illinois (8.77) and Kentucky (8.82).
The highest SD rate among states in the Eighth District is Tennessee at 12.09 percent, followed by Mississippi (10.75) and Missouri (10.44).
Arkansas is the only state entirely in the Eighth District. The other six states are partially in the Eighth District and partially in another.
The Eighth District is composed of four zones, each centered around one of four main cities — Little Rock, Louisville, Memphis and St. Louis.
According to the report, the overall SD rate for Eighth District consumers was 9.94 percent in June, lower than the national average of 11.97 percent.