A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy »
A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reportedTuesday, even more than during the wake of the financial crisis.
Economists warn that this is a red flag. 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.
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