Bidenomics: Number of Americans Upside-Down on Auto Loans Continue to Get Worse
Bidenomics has been a disaster for the American economy, with massive inflation, high interest rates, and high credit card debt. The lack of consistent savings for most Americans drives down the standard of living down even further.
One segment of the market that has been especially negatively impacted is auto loans. Upside-down auto loans, which occur when the borrower owes more than the vehicle is worth, have reached a new high with an average of $6,054 in November. High interest rates have also contributed to auto repossessions.
Shockingly, rates for used cars averaged 11.6 %, and new cars at approximately 7.4%.
It’s no wonder why so many people can not afford to keep their cars.
Consumers face increasing financial difficulties due to elevated inflation,
