By Stephen Bernard -- AP Business Writer
NEW YORK (AP) — Delinquencies among consumer loans continued to rise during the fourth quarter due to mounting job losses, according to new data released Thursday by the American Bankers Association.

The delinquency rate during the fourth quarter across multiple types of closed-end consumer loans increased to 3.22 percent, according to the ABA's consumer credit delinquency bulletin. The delinquency rate is the highest ever recorded since the ABA began tracking the rate in the mid 1970s.

Delinquencies increased from 2.65 percent during the fourth quarter in 2007 and 2.90 percent during the third quarter of 2008.

The ABA also noted that credit card delinquencies, which aren't included in its composite delinquency rate because they are not closed-end loans, increased to 4.52 percent during the fourth quarter. The delinquency rate for credit cards was 4.38 percent during the final quarter in 2007 and 4.20 percent during the third quarter of 2008.

Rising job losses amid the ongoing recession was the reason for more customers falling behind on payments, James Chessen, the ABA's chief economist, said in a statement.

"The wheels just fell off the economy in the fourth quarter of 2008," Chessen said. "The amount of job losses dealt the economy a severe shock, and that continues to be the biggest driver for delinquencies."

Expected further job losses in 2009 are likely to continue weighing on the delinquency rate throughout the year, Chessen added. Chessen did note that credit card delinquencies are more stable than other loans because consumers can adjust their monthly payments.

The ABA's delinquency rate incorporates auto, personal, home equity, home improvement, recreational vehicle, mobile home and marine loans.

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