7 million Americans are 3 months behind on car payments - dumbest people in the world

[bigjavi973]

nice.... I actually met rhames when I was living in pr years ago.... was working security at one of those condos in san juan with a private beach.... dude walked by i was like, Hold up! I know you!

chatted for a few mins super cool guy

[ired]

It’s concerning that so many Americans are falling behind on car payments. Despite a strong economy, many are clearly struggling with financial burdens. You can find out more about payment systems in the us here They can be complex, and car loans often take priority, but this shows the real financial distress faced by working-class families.

[Dr Z]

A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis era.

Economists warn this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills.

"The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market," economists at the New York Fed wrote in a blog post.

A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is a sign of significant duress among low-income and working-class Americans.

"Your car loan is your No. 1 priority in terms of payment," said Michael Taiano, a senior director at Fitch Ratings. "If you don't have a car, you can't get back and forth to work in a lot of areas of the country. A car is usually a higher priority payment than a home mortgage or rent."

Credit card debt is very high. Way higher than late car payments. Soon the companies will turn people who own a lot of money off.

[BodyBagz]

Not sure of any country that forgives it's citizens debt as much as America.
Deadbeats depend on this.

[Marchegiano]

****** bitches, shoulda got a 90s Vo.

[2shameless]

Let's go Brandon!

[4truth]

It’s concerning that so many Americans are falling behind on car payments. Despite a strong economy, many are clearly struggling with financial burdens. You can find out more about payment systems in the us here They can be complex, and car loans often take priority, but this shows the real financial distress faced by working-class families.

It's not a strong economy when what people earn doesn't keep up with real inflation. This "strong economy" has been the lie told over and over again. I don't think it's a case of folks suddenly spending differently, although they should have adjusted downward for inflation, they clearly didn't.

The report card on the economy should be how the poor unwashed deplorables are able to cover their debt and maintain savings (average household savings is down more than 33% since 2019) Also how our govt. is able to cover it's debt. I both cases, the last 4 years have not reflected a "strong economy", not at all.