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Car Owners Fall Behind on Payments at Highest Rate on Record
The risk of vehicle repossession is rising for many Americans facing a budget crunch.
With interest rate hikes making monthly bills more expensive, millions of car owners are struggling to afford their payments.
Photographer: Patrick T. Fallon/Bloomberg
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Americans are falling behind on their auto loans at the highest rate in nearly three decades.
With interest rate hikes making newer loans more expensive, millions of car owners are struggling to afford their payments. It’s a clear indication of distress at a time when the economy is sending mixed signals, particularly about the health of consumer spending.