A new snapshot of the struggles of American consumers to keep up with their bills comes from data showing a rise in vehicle owners having trouble making their payments on time.
The rate of subprime interest rate borrowers who are behind 60 days or more on their payments hit 6.11 percent in September, according to Bloomberg.
That’s the highest share who can’t make ends meet since 1994, and up from the 5.93 percent rate at the start of this year.
“The subprime borrower is getting squeezed. They can often be a first line of where we start to see the negative effects of macroeconomic headwinds,” Margaret Rowe, senior director at Fitch, said.
Living beyond their means !!!
In this economy, I can’t afford a car payment. It’s everything I can do to keep my old car running, and have anything left over for gas.