Across the US, people are increasingly defaulting on their car loans — a dire economic indicator because these loans are usually the last payment Americans are willing to miss. Meanwhile, auto insurers are raking in record profits after hiking rates.

Across the US, people are increasingly defaulting on their car loans — a dire economic indicator because these loans are usually the last payment Americans are willing to miss. Meanwhile, auto insurers are raking in record profits after hiking rates.

  • BanMe@lemmy.worldEnglish
    16·
    2 days ago

    I have a neighbor who’s afraid to turn her gas furnace on because she’s been shut off mid-winter for high bills she can’t pay.

    Another friend had her electric shut off this week and is struggling to find resources.

    It’s not just cars, everyone making under $60k or $100k for couples is in dire straits right now. Even people making low 6-figures are living paycheck to paycheck. It’s insane to watch it all build up.