Nearly one out of every ten car payments is more than 90 days past due. This represents around 7 million Americans who are at risk of losing their rides.
Americans haven’t been this far behind on their car payments since 2009, right when the US economy was spiraling into the Great Recession. The rate of delinquency is stable for credit card debt and actually declining for home mortgages. This gives some comfort to the fear that we may be heading for another crash. However, rates of student loan delinquency are also on the rise.
For more analysis on these diverging trends in consumer debt, click here.
