Reported 14 days ago
Auto loan repayments have surged by 30% since 2019, driven by rising car prices and increasing financing rates due to Federal Reserve rate hikes. Lower-income households, who are also experiencing a 4% year-over-year increase in wages, are particularly affected, with over 60% of them paying at least $500 monthly toward their auto loans. Experts warn that if economic conditions worsen, these households may struggle to manage their budgets.
Source: YAHOO