{"id":2075766,"date":"2023-10-22T12:08:02","date_gmt":"2023-10-22T16:08:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-americans-falling-behind-on-auto-payments-at-record-rate-mass-repossessions-looming\/"},"modified":"2023-10-22T12:12:48","modified_gmt":"2023-10-22T16:12:48","slug":"bidenomics-americans-falling-behind-on-auto-payments-at-record-rate-mass-repossessions-looming","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-americans-falling-behind-on-auto-payments-at-record-rate-mass-repossessions-looming\/","title":{"rendered":"Bidenomics: Record Auto Payment Delinquencies, Mass Repossessions Imminent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-americans-falling-behind-on-auto-payments-at-record-rate-mass-repossessions-looming%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2075766&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Americans Struggle to Keep Up with Auto Payments as Repossessions Increase<\/h2>\n<p>A new\u200d snapshot of the struggles of American consumers to keep\u2063 up with their bills comes from data showing a rise in vehicle owners\u200d having trouble making\u2063 their payments on time.<\/p>\n<p>The \u2063rate of subprime interest rate borrowers who are behind 60 days\u200d or more on \u200btheir payments hit 6.11 \u2064percent\u200c in September, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-21\/high-car-loan-interest-rate-payments-americans-struggle-with-monthly-bills#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p>That\u2019s the <a href=\"https:\/\/www.westernjournal.com\/ap-bidenomics-mortgage-rates-soar-highest-level-since-bill-clinton-president\/\" target=\"_blank\" rel=\"noopener\">highest \u2062share<\/a> who can\u2019t\u200b make ends\u200d meet since 1994, and up from the 5.93 percent rate at the start of this year.<\/p>\n<p>\u201cThe\u200b subprime borrower is getting squeezed.\u00a0They can often \u200dbe a first \u200bline of where we start \u2063to see the negative effects of macroeconomic headwinds,\u201d Margaret \u200dRowe, senior director at Fitch, said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\u201cConsumers starting to buckle for first time in \u200ba decade, former Walmart U.S. \u200bCEO Bill Simon warns\u201d<\/p>\n<p>Record <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nasa-worker-sentenced-to-18-months-in-prison-after-lying-to-govt-for-pandemic-benefits\/\" title=\"NASA worker sentenced to 18 months in prison after lying to govt. for pandemic benefits\">credit card debt<\/a> &#038; car loan amounts and duration- \u200dinflation\u2026. Bidenomics at work<a href=\"https:\/\/t.co\/4omFZTdKYD\">https:\/\/t.co\/4omFZTdKYD<\/a><\/p>\n<p>\u2014 DC (@bioadultmale) <a href=\"https:\/\/twitter.com\/bioadultmale\/status\/1712442615734362522?\">October \u200d12, 2023<\/a><\/p>\n<\/blockquote>\n<p>Borrowers are \u200bconsidered subprime if they have mediocre credit scores and might \u2062be a risk to pay on time.<\/p>\n<p>For buyers with good credit ratings, interest on a car loan averages at about 5.07 percent for\u200c a new car and 7.09 percent for a used \u2063one, \u200baccording to Bankrate. The\u2062 worst ratings\u200c pay averages of about 14.18 percent for\u200c new vehicles and 21.38 percent for used ones. Subprime borrowers \u200care in between those \u2064extremes.<\/p>\n<p>If consumers <a href=\"https:\/\/www.westernjournal.com\/gambling-addict-calls-dave-ramsey-help-100k-debt-ramsey-sets-straight-cold-hard-truth\/\" target=\"_blank\" rel=\"noopener\">get too far behind<\/a>, they \u200close\u200d their vehicle.<\/p>\n<p>Cox Automotive estimates that 1.5 million vehicles will be\u2062 repossessed this \u2063year, according \u2063to <a href=\"https:\/\/www.businessinsider.com\/more-people-missing-car-payments-another-ominous-sign-for-economy-2023-10\" target=\"_blank\" rel=\"noopener\">Insider<\/a>. \u00a0That represents \u2064a 300,000 increase from 2022.<\/p>\n<p>Insider noted that repossession can often\u200d start a chain of \u2062events that leads to the loss of a job \u2063because in many communities, transportation is essential to get to work.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">WHAT DID WE LEARN TODAY?<br \/>\nBidenomics\u2063 is working so well that we have the HIGHEST CREDIT CARD DEBT ever and Car loan delinquancy rate is skyrocketing!<\/p>\n<p>\u2014 Arms \u2062Johnston (@JohnstonAr41492) <a href=\"https:\/\/twitter.com\/JohnstonAr41492\/status\/1702763463959806438?\">September 15, 2023<\/a><\/p>\n<\/blockquote>\n<p>A report on <a href=\"https:\/\/edition.cnn.com\/2023\/08\/10\/economy\/credit-card-car-loan-pay-failure-pre-covid\/index.html\" target=\"_blank\" rel=\"noopener\">CNN<\/a> \u200dsaid the trend line looks as \u2064though the problem \u200d <a href=\"https:\/\/www.westernjournal.com\/bidenomics-action-us-household-incomes-tumble-third-straight-year\/\" target=\"_blank\" rel=\"noopener\">will\u200d get worse<\/a>.<\/p>\n<p>It noted that the\u200d current estimate from Moody\u2019s is that the rate of vehicle loan delinquencies will hit 10 percent in\u200b 2024.<\/p>\n<p>CNN noted that car loans are \u2062not the\u200b only area where consumers are behind.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Good point.<\/p>\n<p>1.03 trillion in credit card debt which is \u2063the most \u200csince 1999 when they <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fbi-annual-crime-report-shows-murder-rate-rose-30-in-2020\/\" title=\"FBI annual crime report shows murder rate rose 30% in 2020\">started keeping track<\/a>.<\/p>\n<p>Also, the percentage of car loan defaults and \u200dsmall business bankruptcies have also been rising.<\/p>\n<p>Bidenomics\u2063 at work.<\/p>\n<p>\u2014 Keith Patterson \u200c(@KPattersonNJ) <a href=\"https:\/\/twitter.com\/KPattersonNJ\/status\/1713979507445563675?\">October 16, 2023<\/a><\/p>\n<\/blockquote>\n<p>The \u200drate of \u2063new credit card delinquencies hit 7.2 percent in\u2062 the second quarter, which was up from 6.5 percent the quarter before.<\/p>\n<p>That means the rate is now\u2064 above where it\u2064 was\u2063 before the pandemic hit.<\/p>\n<p>Bloomberg noted that in the \u200bsecond quarter, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-americans-falling-behind-on-auto-payments-at-record-rate-mass-repossessions-looming\/\" title=\"Bidenomics: Record Auto Payment Delinquencies, Mass Repossessions Imminent\">credit card debt topped  trillion<\/a>.<\/p>\n<hr>\n<div class=\"author_subscription_pitch\">.author_subscription_pitch p{margin:5px;}<\/p>\n<p><em><b>An Urgent Note \u2064from Our Staff:<\/b><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">The Western Journal has been labeled \u201cdangerous\u201d simply because\u2062 we have a biblical worldview and speak the truth about what is happening in America.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">We refuse to let Big Tech and woke advertisers dictate the \u200ccontent \u2064we share with our community.\u2062 We stand for truth. We stand for freedom. We stand with our readers.<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">We\u2019re asking you to help us in this fight. <\/span><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><b>We can\u2019t do this without you<\/b><\/a><b>.<\/b><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Your <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/junior-high-football-coach-dies-after-collapsing-on-field-just-before-game\/\" title=\"Junior high football coach dies after collapsing on field moments before game.\">donation directly helps\u2062 fund<\/a>\u200b our editorial team of writers \u200band editors. Your support means we can\u2063 continue to expose false narratives and defend traditional American values.<\/span><\/em><\/p>\n<p><em><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><span style=\"font-weight: 400\">Please stand with us by donating today<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/em><\/p>\n<p><em><b>Thank you for your support!<\/b><\/em><\/p>\n<\/div>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/bidenomics-americans-falling-behind-auto-payments-record-rate-mass-repossessions-looming\/\">Bidenomics: Americans Falling Behind on\u2064 Auto\u2062 Payments at\u200b Record Rate, Mass \u2063Repossessions Looming<\/a> appeared first \u2062on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The\u2064 Western Journal<\/a>.<\/p>\n<p> <\/p>\n<h2> What is the significance of the 5.7 percent delinquency rate in\u200b the first \u2062quarter, according to the Federal\u200d Reserve Bank of New\u2063 York? <\/h2>\n<p><span>  5.7 percent in the\u2063 first quarter, \u2064according to the Federal Reserve Bank of New\u2062 York. This is the \u200chighest level since 2011. \u2064Additionally, small business bankruptcies have also been increasing.<\/p>\n<p>The \u2064increasing number of delinquencies and repossessions is a concerning sign for the economy and for American consumers. It indicates that many individuals are struggling to keep up with\u200d their \u2063financial obligations, which can have significant\u2064 consequences for their overall financial well-being.<\/p>\n<p>There \u200bare several factors contributing to this \u200crise \u2063in delinquencies\u200c and repossessions. One of the factors is the increasing cost of living. Inflation and rising prices have put a\u2064 strain on the budgets of many Americans, making it more difficult for them to make their monthly\u200c payments \u2064on time.<\/p>\n<p>Another factor is the impact of the pandemic. Many individuals faced job loss or reduced income during the pandemic, which has made \u2062it harder \u200cfor them to keep \u200cup with their \u200dbills.\u200d Additionally, the pandemic has\u200d disrupted supply chains and led \u2062to shortages, which has driven up the prices of goods and services.<\/p>\n<p>Furthermore, the increasing reliance on credit has also played a role in the rise \u2063of delinquencies. \u2064With easy access to\u200d credit, many individuals\u2064 have taken on more debt than they can afford,\u2062 resulting in missed payments and delinquencies.<\/p>\n<p>The consequences of these delinquencies \u200band repossessions\u2063 go beyond just losing a vehicle. \u2064They can have a cascading \u200ceffect, leading to further financial difficulties such as job\u2063 loss and damaged credit scores. In turn, this can make it \u2062harder for individuals \u200cto secure affordable housing, obtain loans, or even\u200d find employment.<\/p>\n<p>To address this issue, policymakers \u200dand financial institutions need to take action. This can include offering more support and assistance to struggling borrowers, such as loan modifications or refinancing options. Educating consumers about financial management \u2062and responsible borrowing can also help\u2064 prevent delinquencies in the first place.<\/p>\n<p>It is also crucial for individuals to take proactive steps \u2063to manage\u200b their finances effectively. This includes creating a budget, prioritizing essential expenses, and seeking assistance\u200b or guidance \u200bif they\u200b are facing financial difficulties.<\/p>\n<p>In conclusion, the increasing\u200d number of\u2062 delinquencies and repossessions among American consumers is a troubling indicator of their struggle to keep up with their auto payments. \u200bIt reflects \u2063the challenges posed by rising living costs, the \u200dimpact of the pandemic, and increased reliance \u2064on credit. Addressing this issue requires\u200c efforts from policymakers, financial\u2063 institutions, and individuals themselves to\u200b provide support, education, and proactive financial management.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New data reveals that American consumers are facing increasing difficulties in paying their bills, particularly when it comes to vehicle payments. In September, the rate of subprime interest rate borrowers falling 60 days or more behind on payments reached 6.11 percent. This snapshot highlights the ongoing struggles of consumers to stay on top of their financial obligations.<\/p>\n","protected":false},"author":661,"featured_media":2075767,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2075766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2075766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2075766"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2075766\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2075767"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2075766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2075766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2075766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}