Low-Income Households Falling Behind On Car Bills
View Source | March 1, 2023 12:11 pm
- Consumers with low credit scores are falling behind on their auto loans at a record rate.
- The upsurge shows that despite the strength of the job market, cash-strapped American households are under pressure from two years of cost-of-living increases and the end of pandemic-related benefits.
- The share of payments on so-called “subprime” auto loans that were at least 60 days late rose to more than 6% in December. Subprime loans have high interest rates and are typically made to people with low credit scores.
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