People Are Falling Behind on Credit Card Bills and Auto Loans at an Alarming Rate
By:
Pete Grieve
Pete Grieve
Reporter | Joined May 2024
Has also written:
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Editor:
Brad Tuttle
Brad Tuttle
Senior Editor | Joined January 2014
Has also written:
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Money
The rates of Americans behind on auto loan and credit card bills continue to rise — in fact, both are at the highest levels in more than 10 years.
Rising delinquencies indicate that more people are in financial distress. When auto loan or credit card payments are missed, consumers dig themselves deeper into debt and see major drops in their credit scores, so it’s usually an outcome people try to absolutely avoid.
A report from the New York Fed on Tuesday showed that 7.7% of car loan debt was 30 days late, which is the highest level since 2010 and a big increase from 6.6% a year prior.
