Liberty Street Economics recently reported that the overall performance of auto loan repayments has been slowly worsening over the last five years. The Federal Reserve Bank of New York’s 4th Quarter Household Debt and Credit report indicates that borrowers under the age of 30 years old seem to be under the most stress. This is the same age group that is hardest hit by the Student Loan crisis and shows substantial growth in percentage of distressed borrowers.
The Federal Reserve Bank’s report also indicates that auto loans held by borrowers over 30 have also been slowly creeping into delinquency. The number of consumers with auto loans creeping into delinquencies over 90+ days increased up to 2.4 percent. That is substantially above the low of 1.5 percent seen in 2012 after Subprime Crisis had run its course. In actual number of consumers, that translates to over 7 million Americans with auto loans that were 90 or more days delinquent at the end of 2018!
If you’re late on your car payments and struggling with overwhelming debt, call attorney Chris Bush, at (619) 295-3322. He is an experienced bankruptcy attorney and consumer debt advocate. He’ll help you find the best solution to your debt burden and get back you on a track to financial responsibility and freedom.