7 million Americans are 90 days or more behind on their auto loan payments, according to Fed of NY!

[basquebromance]

That's even more than during the wake of the financial crisis. This is a red flag, according to economists. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills. A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans

7 million Americans behind on auto loan payments, New York Fed says

 

[progressive hunter]

That's even more than during the wake of the financial crisis. This is a red flag, according to economists. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills. A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans

7 million Americans behind on auto loan payments, New York Fed says

so 7 million people are irresponsible dumbass's,,,I bet most of them are democrats

 

[JGalt]

I'd say it might be a good time to start a Repo business, but that ship sailed a few years ago...

 

[Fang]

Thanks Obama.

 

[petro]

Many people have extended themselves too far expecting the best of everything.
Maybe a Toyota would have sufficed over the Lexus, maybe you dont need a 5000 sq. ft. house for a family of 4.

It's simple, live within thy means...Simon.

 

[Muhammed]

I predicted this many years ago .

The purpose of "Cash for Clunkers" was to sting the US middle class.

 

[Ringel05]

Many people have extended themselves too far expecting the best of everything.
Maybe a Toyota would have sufficed over the Lexus, maybe you dont need a 5000 sq. ft. house for a family of 4.

It's simple, live within thy means...Simon.

I need a 5000 sq ft house....... Now I just need to figure out how to keep the cardboard structure in place........

 

[petro]

Many people have extended themselves too far expecting the best of everything.
Maybe a Toyota would have sufficed over the Lexus, maybe you dont need a 5000 sq. ft. house for a family of 4.

It's simple, live within thy means...Simon.

I need a 5000 sq ft house....... Now I just need to figure out how to keep the cardboard structure in place........

Hot glue gun.
Martha Stewart swears by them.
Be sure to use stylish cardboard furniture.
Live green.

 

[Fort Fun Indiana]

This is a red flag, according to economists.

It absolutely is. I am in the banking industry, and the general consensus seems to be that we are heading for another very deep recession. Another housing bubble is forming, and wages are stagnating badly. When auto loan delinquencies rise, a rise in default on unsecured debt and mortgages closely follows. The Fed is already signalling a rate decrease this year, which is really, really bad news.

 

[Ringel05]

Many people have extended themselves too far expecting the best of everything.
Maybe a Toyota would have sufficed over the Lexus, maybe you dont need a 5000 sq. ft. house for a family of 4.

It's simple, live within thy means...Simon.

I need a 5000 sq ft house....... Now I just need to figure out how to keep the cardboard structure in place........

Hot glue gun.
Martha Stewart swears by them.
Be sure to use stylish cardboard furniture.
Live green.
View attachment 245557

Yeah but I doubt the hot glue will waterproof or wind proof it........ Yesterday the state legislature was in session, we had 65 mph gusts all the way out here on the eastern high desert.......

 

[Fort Fun Indiana]

I predicted this many years ago .

And the opponents of trickle-down economics beat you to it by 20+ years...

 

[Muhammed]

I predicted this many years ago .

And the opponents of trickle-down economics beat you to it by 20+ years...

There's no such economic theory, jackass.

 

[Fort Fun Indiana]

There's no such economic theory, jackass.

Sure, retard.

 

[RoshawnMarkwees]

This is a red flag, according to economists.

It absolutely is. I am in the banking industry, and the general consensus seems to be that we are heading for another very deep recession. Another housing bubble is forming, and wages are stagnating badly. When auto loan delinquencies rise, a rise in default on unsecured debt and mortgages closely follows. The Fed is already signalling a rate decrease this year, which is really, really bad news.

That would be a correction.
Live within your means and don’t put stock into variables.

 

[ThunderKiss1965]

That's even more than during the wake of the financial crisis. This is a red flag, according to economists. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills. A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans

7 million Americans behind on auto loan payments, New York Fed says

Economics for dummies. Stop buying shit you can not afford and or get a better job.

 

[Fort Fun Indiana]

That would be a correction.

And could also become a recession. These words actually have definitions.

And -- as shocking as this may be to you -- pointing at people and telling them to do better accomplishes nothing but making you ffeel self-righteous.

 

[Fort Fun Indiana]

Economics for dummies. Stop buying shit you can not afford and or get a better job.

well, if we need suggestions as to what to put on our needlepoint pillows, we will come to you.

If we need smart policy, we will look elsewhere.

 

[EvilCat Breath]

7 million Americans? Why Americans? Just cause they have an American address.

Immigrants who didn't know what a doorknob was a week ago are buying cars today. Pay for it? Why? I got rights.

 

[toomuchtime_]

That's even more than during the wake of the financial crisis. This is a red flag, according to economists. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills. A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans

7 million Americans behind on auto loan payments, New York Fed says

Clearly, these people are not paying their car loans as a show of support for the Green New Deal.

 

[Fort Fun Indiana]

7 million Americans? Why Americans? Just cause they have an American address.

Immigrants who didn't know what a doorknob was a week ago are buying cars today. Pay for it? Why? I got rights.

A total of 21 million ITINs have been assigned . That includes legal immigrants and dependents. There are about 250 million adults in America. So grab a calculator.