Low-Income Households Falling Behind On Car Bills

  • 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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