Consumers face increasing financial difficulties due to elevated inflation, a generational high in interest rates, maxed-out credit cards, lack of personal savings, and two years of negative real wage growth amid the mounting failures of ‘Bidenomics.’ The latest distress is that the number of Americans in upside-down auto loans has reached the highest level since 2020.
According to automotive research firm Edmunds.com, the number of Americans with auto loans “underwater” or “negative equity” in November reached an average of $6,054, the highest level since April 2020.
Earlier this year, when discussing the “perfect storm” hitting the US auto market, we showed that according to Fitch, “More Americans Can’t Afford Their Car Payments Than During The Peak Of Financial Crisis”… The average new car loan has reached a record high of $40,000.
It’s so pitiful that the article suggests that what’s to blame is “elevated inflation, a generational high in interest rates, maxed-out credit cards, lack of personal savings, and two years of negative real wage growth.”
I have lived a long life, through inflation and disinflation, high and low interest rates, credit card balances great and small, saving more and saving less, and wage growth and shrinkage. Business investments, loses and gains. You know what? I never spent more than I could afford. It’s actually not complicated. And stop blaming politicians. Spend what you have to spend. Don’t spend what you have to borrow. Minimize debt. Who to blame for unstable debt? Yourselves.
You didn’t have the government trying to hold you down 4:25. You try making bills on $15 per hour.
7:20 Lower your expenses to lower your bills. I’ve lived on rice and beans when necessary. Human needs are objectively minimal, just food, clothing and shelter. I’m sure you’re overspending.
Do you know how much rent or mortgage payments are now 10:09 ? You are clearly out of touch.
BLAME BIDEN !!!!
No More for me !!! Mine Paid the hell Off !!!! NO MORE
BANKRUPTCIES are going to SkyRocket !!!! Bank on that !!!!
Cars cost More than a House used to cost & wages never will keep up with that !!!!!!
Need 20 year Mortgages for Autos !!!!!!!
No problem. Ole Joe knows how to forgive loans! Bring them on!
HOAs & Condos are taking advantage of those who live there By Raising Fees due to Inflation & many
will have to Sell & Leave here in Salisbury MD !!!!
Yes currently economy is not good. With housing costs, regulatory creep in construction codes has resulted in a lack of substandard housing. Now people with substandard income are all in taxpayer subsidized housing. In. Reference to upside down auto loans
unless you made a significant down-payment, you are upside
AS SOON AS YOU DRIVE OFF THE LOT! It has always been .Ike that. We don’t want people living in caves,yet we can’t continue to legislate and regulate standards of living.