Number of Americans falling behind on car loan payments hits 13-year high

the economy. We talked with say it's mainly the pandemic purchases coming home to Roos. Think back to a couple of years ago. Inventory of new and used cars was really low and the prices skyrocketed. So now add in all the extra costs of everyday purchases we're seeing and the car payment that used to fit into the family budget just no longer does. It's why people 60 days behind or more on their car loans has now risen by more than 26% compared to last year. You have to go back to 2010 to find numbers like that.

Economists tell us many of the people who were paying for the car loan loan payment. We're also able to borrow a credit. We're able to borrow a ton of money for expensive cars and then all those other things, the food and energy, housing and insurance need to be paid every month right alongside that giant car payment. The average loan payment people are taking out right now is well over $700 a month and unlike a credit card where you can die in the event that cash flows a little bit tight. It's a $700 one payment and if you missed one or two, it won't be in the driveway of the board. Now the experts tell us if you're having trouble making payments, don't run and hide from it. They say get out in front of it by contacting your lender and seeing what arrangements can be made.

Manchester, auto loans, car loans, economy