Record number of Americans are 90 days late with auto payments
Wednesday February 13, 2019. 07:59 PM , from BoingBoing
More than 7 million Americans are over 3 months behind on their car loan payments, a new record since the metric began being tracked 19 years ago.
That's more than 1 million higher than the peak in 2010 as the country was recovering from its worst downturn since the Great Depression.
'The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market and warrants continued monitoring and analysis of this sector,' Fed economists said in a report that accompanied their quarterly look at U.S. consumer debt.
The surge in delinquencies came along with a $584 billion jump in total auto loan debt, the highest increase since the New York Fed began keeping track 19 years ago.
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