Reported 3 days ago
A recent study reveals that auto loan delinquencies in the US have surged over 50% in the past 15 years, transforming car loans from a safe credit product to one of the riskiest. Factors contributing to this increase include rising car prices, which have jumped more than 25% since 2019, and soaring interest rates now exceeding 9%. With monthly payments rapidly escalating—averaging $767, with many borrowers paying over $1,000—consumers from all income levels are struggling to keep up with their car payments. This trend of increasing delinquencies is expected to continue as more expensive vehicles dominate the market.
Source: YAHOO