Late car payments hit their highest level in decades
More Americans are falling behind on their car payments, and economists say it’s a warning sign of deeper financial strain. New data shows that subprime auto loan delinquencies have hit record highs, with broader auto loan defaults reaching levels not seen since 2010. Rising interest rates, high car prices, and slowing job growth are squeezing lower- and middle-income households, leaving many struggling to keep up. Experts warn that this trend could spill into other areas of the economy, signaling trouble ahead for consumers and lenders alike.
Kevin Williams writing for Quartz has the story on what one data point is saying about the broader U.S. economy.
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