Consumer loan delinquencies and credit card delinquencies rose to record highs in the second quarter, as more Americans lost their jobs and personal income shrank, the American Bankers Association said Thursday.

Fallout from a still deteriorating housing market caused the rate of consumer loan payments at least 30 days late to rise to 3.35 percent in the April-to-June period up from 3.23 percent in the first quarter.

Delinquencies were the highest since the ABA began tracking the data in 1974.

Late payments on home equity borrowings set records, rising to 4.01 percent from 3.52 percent on loans and to 1.92 percent from 1.89 percent on lines of credit.

The overall delinquency rate actually understates consumer pain because it excludes bank-issued credit cards, where credit deterioration was severe.

The rate of credit card delinquent accounts rose to 5.01 percent from 4.75 percent, breaking the record of 4.81 percent in the spring of 2005.

"Six consecutive quarters of job losses have taken their toll," ABA Chief Economist James Chessen said in a statement.

"Falling behind on debt payments is an unfortunate side effect of high unemployment and a frozen job market. The picture won’t change until the labor market improves and the economy picks up steam. This is going to take time," Chessen added.

The unemployment rate rose in August to 9.7 percent, its highest level in 26 years. Analysts estimate unemployment will rise above 10 percent in coming months.