Americans Now Owe $1 Trillion in Car Loans

It’s kind of crazy that people think spending $50,000 on a car is okay now. When I was a kid $30,000 was getting a bit fancy. Now that was 15 years ago but damn. I spent 20k on a newish car that I intend on keeping for 20 years. I still feel weird about it considering I probably could have bought a 2012 honda fit and done the same.

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Americans now owe more than a trillion dollars in credit card debt – the first time the national credit card bill has crossed the trillion-dollar mark since 2008. Credit cards are now the third category of consumer lending to top a trillion dollars, after car loans and student debt.

More Americans in the middle are putting. This has contributed to a frightening level of student debt, now a crisis at.

Americans’ collective credit card debt just topped $1 trillion, its highest level since the country’s last recession in 2008, according to new Federal Reserve data. Technically, we owe $1.0004 trillion on our credit cards, but who’s counting an extra $400 million or so? That’s chump change, man.

"Students who borrow too much end up delaying life-cycle events such as buying a car. Americans have "become increasingly able to pay off their credit cards and mortgages. But the student loan debt.

The total active loan amount across all lenders for 2017 was $1.129 trillion. Statistics reveal that people prefer the comfort of banks when borrowing for a car. In 2017, banks reported an astonishing $368 billion in open car loans – that’s equal to the price tag of about 4.9 million Model S Teslas!

Americans Now Owe $1 Trillion in Car Loans. Balances on auto loans grew 11 percent year-over-year, or $101 billion, in the third quarter, according to report this week from TransUnion, a credit reporting company. The total for auto loans is now $1.008 trillion. Nearly 75 million consumers have an open car loan account, 5 million more than the same period last year.

Americans Owe A Record $1.1 Trillion In Car Loans. While subprime lending might’ve dropped a smidgen, loans with terms that last 85-96 months have increased, up from 1.25 percent to 0.95 percent a year earlier. In the used market, 73-84 month loans jumped to 17.7 percent, up from 16.1 percent a year ago, according to Automotive News.

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