The slump in crude prices is starting to show up as missed payments by consumers in the oil patch. In states from Oklahoma and Texas to North Dakota and Wyoming, rising unemployment in the energy sector is pushing up loan delinquencies and raising the risk of new losses for banks. Wells Fargo & Co. this month reported an increase in borrowers...
The crude oil price slump is beginning to affect the finances of former US oil workers as rising unemployment levels in the energy sector continue to increase loan defaults and raise the risk of new losses for banks. A report by Credit Suisse said that a record number of borrowers are now defaulting on their loans because they cannot afford them. Credit card and mortgage borrowing, and car loans, are the areas of consumer credit most affected with an uptick in late repayments and home foreclosures starting to register for North Dakota, Texas and Oklahoma.