Late home equity payments blamed on economy

July 3, 2008 3:20:05 PM PDT
It appears the tough economy is keeping many people from paying their home equity debts on time, according to the American Bankers Association. The group reports late payments on home equity lines of credit rose to an 11-year high in the first quarter of this year.

The problem is being blamed on many factors, including falling home equity, slow income growth and rising food and energy costs.