Chicago — A new report on household debt finds a record 7 million Americans are at least 90 days behind on their car loan payments. Alana Frierson painfully recalls the day her car was repossessed.
"We were devastated. I was devastated," she said.
A city worker in Fort Worth, Texas, she fell months behind on her loan payments when her husband got sick and was unable to show up for his job. Bankruptcy followed.
"If you don't have any money saved, yeah, you're screwed. You're out on the street, or you're walking," Frierson said.
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10 comments:
The rich continue to get richer in an economy hand designed for their age.
the last paragraph says it all.
" The New York Fed said a large part of the problem involves borrowers under 30 who have low credit scores. They are just the kind of people who may find it hard to buy a car and pay off student loans at the same time."
They are buying what will look good when they post it on social media.....not what they can afford.
If you can't afford the car, don't buy it!
Worst investment in the world is a new car you don't pay cash for. I had a neighbor renting a trailer that had a new Hummer back in the day with handicap tags LOL neither he or his fat wife could climb in or out of it. They both live with their struggling kids now and their families in trailers and still all have new cars and payments all white and on social security disability and what ever hand out they can get and are Rabid Trump Supporters. It's hard to make America Great again when we have so delusionaqlly entitled loosers on board.
Those at fault are the individuals approving these loans. Just like the housing industry. Why did the bubble burst - banks/mortgage companies loaned money to individuals who couldn't pay it back.
All were chevy purchases , they took any and all people without credit.
6:02-WHAT!!!
People are buying cars too expensive for them. Car dealerships are really good at sales and up selling... and selling on what your monthly payment is rather than the cost of vehicle and how quickly you can pay it off.
Ultimately, it's the consumer that is at fault here. People just need to be smarter than advertising and the salesman.
Financially inept people deserve what they get....and lose. Live at, or above their means (income), and that's the risk they take. Live BELOW their means, and they will always be financially secure. If you don't know what I mean, it means saving a little (or more) from every paycheck, starting when you're young (but it's never too late to start). Start with a raise; don't spend it, save it. Don't spend all your paycheck, every week, month, year. Been saving part of my income my whole life. Could I have had more "stuff?" Sure, but I've never had to worry about losing anything. And a new car is a total waste of money. They will cost the very most to own and operate, per mile of use. For what? Ego? If you don't like my used car, maybe you should go out fishing with me on my paid-for boat, or come stay with me in my paid-for house. Or come dine with me on my no-carryover-balance credit card. Do I make a ton of money? No. But I don't spend it all, just some of it.
What's a car payment?
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