More Americans are behind on their car loans than ever before – CNN
(CNN)Americans are falling behind on car loan payments in record numbers.
More than 7 million car loans were past due by at least 90 days in the fourth quarter, according to data released this week from the New York Federal Reserve.
That’s 1.3 million more past-due loans than during the previous peak in 2011, which followed the Great Recession. The unemployment rate in 2011 was more than twice its current level.
The growing problem of people falling behind on car loans runs counter to the picture of a generally strong US economy. It is especially disturbing because the delinquency rate for car loans is lower than for other types of borrowing, such as credit cards and student loans.
If Trump is saying the country is experiencing an economic miracle, isn’t this a statistic that says the opposite? Who is lying? Trump, or this statistic?
People who are well off financially don’t get behind on car payments.