US car loan debt hits $1.027 trillion as subprime loans increase
US car loan debt hits $1.027 trillion as subprime loans increase
Published time: 7 Sep, 2016 03:31
Total debt from car loans has surpassed the $1 trillion mark as loan delinquency rates continue to steadily climb. Some believe the heavy presence of subprime and deep prime loans could be shades of the 2007-10 subprime mortgage crisis.
The US has the third highest car ownership rate in the world, beaten only by San Marino and Monaco – two countries that have a lower combined population than Iowa City, Iowa. In addition, a 2015 census found over 86 percent of Americans rely on a car for their primary method of transportation. Given that the US is officially car country, should citizens be worried about the ballooning debt attributed to car loans?
With over a trillion dollars in loans for the second consecutive quarter, the percentage of subprime borrowers who are 60 or more days behind on their payment has increased by 17 percent since last year, USA Today reported.
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Student loans, auto loans, home loans, wholly shit the money is in deep trouble.
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