A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy - News Summed Up

A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy


When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans. ['Repo men' are doing better than ever]“Your car loan is your No. Today, unemployment is 4 percent and job openings are at an all-time high, yet a significant number of people cannot pay their car loan. The share of auto loan borrowers who were three months behind on their payments peaked at 5.3 percent in late 2010. The total auto loan market is just over $1 trillion, far smaller than the $9 trillion home mortgage market.


Source: Washington Post February 12, 2019 16:28 UTC



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