Record 7 Million Americans Are 3 Months Behind on Their Car Payments

Record 7 Million Americans Are 3 Months Behind on Their Car Payments

Record 7 Million Americans Are 3 Months Behind on Their Car Payments

 

A record 7 million Americans are 90 days or more behind on their auto loan payments, according to a new report from the Federal Reserve Bank of New York.

Economists say that this is a red flag that many Americans are struggling to pay their bills.

The Washington Post notes that a car payment is the first payment that people tend to make because their vehicle is crucial to getting to work.

When car loan delinquencies rise, it tends to be a sign of difficulties among low-income and working-class Americans.

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