Today, outstanding vehicle loans add up to more than $ 1 trillion, with the average consumer carrying $ 12,000
of auto loan debt.
Credit card debt and student loan debt are reaching staggering levels, so it should be no surprise that
auto loan debt levels are closely following the same trend.
Men are only slightly more likely to have more than $ 50,000
of auto loan debt, with 7 percent choosing this answer versus 4 percent of women.
Despite the drop off in subprime loans, borrowers with the lowest credit ratings still hold over $ 210 billion
in auto loan debt or about 20 percent of the $ 1.1 trillion in total outstanding debt.
, total
U.S. auto loan debt surpassed $ 1 trillion and it doesn't show any signs of letting up.
It is not much of a surprise that this rising source of debt gains a bit more attention; after all, the tally has exceeded $ 1.3 trillion (a common statistic) and has surpassed credit card debt and
auto loan debt as a leading source of debt in America.
In the third quarter of 2013 alone, student loan debt increased $ 33 billion while
auto loan debt grew $ 31 billion in what was considered a blowout quarter for Detroit.
According to the New York Fed Report more than 6 million Americans now
hold auto loan debt that is 90 days or more delinquent, sparking concerns over a new crisis with bubble implications.
Deacon Hayes, founder of Well Kept Wallet, said he and his wife were able to pay off $ 52,000 in credit card, student loan and
auto loan debt using the debt snowball method.
The average American household owes a little above $ 28,535
in auto loan debts, $ 172,086 in mortgage debt, and $ 16,000 in credit card debts.
Outstanding revolving balances — largely credit card debt — again hit a record high in January, while student and
auto loan debt grew by 5.6 %.
Although the majority of survey respondents claim not to owe money on a car,
auto loan debt levels have been increasing in America.
In 2015, more Americans purchased new cars than they ever have, leading to the total amount
of auto loan debt to reach and then surpass $ 1 trillion dollars.
Default rates are starting to soar on credit card and
auto loan debt.
, it includes just about any type of debt that be made less expensive through refinancing, such as student loan debt, credit card debt and
auto loan debt.
That not only includes mortgages, it includes just about any type of debt that be made less expensive through refinancing, such as student loan debt, credit card debt and
auto loan debt.
Concerns about the nation's collective $ 1.3 trillion in student loan debt — more than either credit card or
auto loan debt — have prompted the federal government, states and some schools to offer debt forgiveness or relief programs.
Yet some consumers are just as strapped as they were in 2008 with record high credit card debt, student loan debt, and
auto loan debt.
Of course, trying to rid yourself of mortgage or
auto loan debt in a short amount of time is difficult.
Democrat Dan Kildee recognizes that «student loan debt has soared in recent years... has now surpassed credit card and
auto loan debt totals.»
Auto loan debt is at an all - time high and delinquencies were on the rise, but has the industry learned from past mistakes?
However, the next largest chunk is student loan debt at $ 1 trillion, followed by credit card and
auto loan debt, each at around $ 800 billion.
CLARKONOMICS: A new report from the Federal Reserve Bank of New York finds a dramatic decrease in mortgage debt,
auto loan debt and credit card debt, all trends that I believe set the stage for a true American recovery.
Of that debt, 9.3 % was past due — a higher percentage than mortgage (1.1 %), credit card (4.6 %), or
auto loan debt (2.3 %).
If you're in debt, you're not alone: as of 2016, the United States had $ 764 billion in credit card debt, $ 8.63 trillion in mortgage debt, and $ 1.16 trillion in
auto loan debt.
Well, the two most obvious ones are credit card debt and
auto loan debt, and of course, these are debts that almost everyone falls into during or just after their college years.
At the end of the third quarter of 2012, only 4.25 percent of
auto loan debt and 5.90 percent of mortgage debt was 90 or more days overdue.
Loan amortization is the reduction of
the auto loan debt as regular payments are made towards the principal and interests over a certain period of time.
Although mortgage debt is still the largest category of debt in the United States, the amount of debt held by students recently surpassed both credit card and
auto loan debt.
Total outstanding student loan debt is approaching 1.5 trillion dollars, exceeding credit card debt, exceeding
auto loan debt.
If you have a certain kind of debt, such as federal student loans, mortgage debt or
auto loan debt, Freedom Debt Relief will not be able to help you, as these loans are generally tied to some form of collateral (your home or your car, for example), although they do help with private student loan debt on a case - by - case basis.
Consumer borrowers owe $ 1.2 trillion in
auto loans debt, and there are 23 million Americans who currently hold subprime auto loans.
The Federal Reserve said
the auto loan debt reached $ 1.2 trillion (an average of $ 28,948) in 2016, an increase of 9 % from the previous year, even though the numbers of cars and trucks on the road increased by only 1.5 %.
Auto loan debts in the state have an average outstanding balance of $ 15,500.
Couples are 30 percent less likely to separate after acquiring a mortgage debt (of $ 10,000) and
auto loan debt (of $ 3,000).
In addition to credit card debt, Californians predictably carry significant amounts of mortgage, student loan and
auto loan debt.
Californians also have an average of almost $ 10,000 in student loan debt, nearly $ 14,000 in
auto loan debt and more than $ 7,000 on their credit cards.