More Americans under 30 are behind on their car payments than at any point since the 2007-09 recession, according to the Federal Reserve.
Younger Americans are struggling with car loans, according to the U.S. Federal Reserve. A new report from the New York Fed shows that more Americans under 30 are behind on their car payments than at any point since the 2007-09 recession.
4.6% at least 90 days late Nearly 5% of borrowers under 30 transitioned into serious delinquency last quarter — meaning they haven’t made a payment in at least 90 days.Prices, borrowing costs have gone up Several factors have combined to push monthly car payments near record highs. New car buyers, in April, signed up for an average monthly payment of $766. The average monthly payment peaked in December, reaching $792.
In an attempt to rein in inflation, the Fed then raised interest rates 10 consecutive times. That has driven borrowing costs higher.
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