BUSINESSNY POST
New car payments reach all-time high as affordability challenges persist in US
Outstanding auto loan debt in the US has increased by 57.3% over the past decade, reaching nearly $1.7 trillion, according to the Federal Reserve Bank of New York. The rise highlights ongoing affordability challenges for car payments.
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- Car payments squeeze Americans as auto debt hits $1.68 trillion, report finds
- Buyers fret as the average cost of a new car nears $50K
- Why one of the nation's largest auto lenders isn't worried about high vehicle prices or 'forever loans'
- More monthly auto loan payments are above $1,000, and most are not for luxury models
- US household debt ticks up to new all-time high as inflation continues to rise