If You Live Here, Your Car Loan Is More Likely To Be a Problem
Auto debt is crushing everyday Americans, with a record 7 million of us now 90 days or more behind on our car payments. And in debt-prone areas of the country, delinquency rates stand at nearly double the national average, according to a February 2019 report. Here's a look at the 10 states where the problem is at its worst.
A Record Number of Americans Are Behind On Their Auto Loans. Here’s Who’s Hurting Most.
You've heard the often-repeated narrative surrounding our red-hot economy: consistent stock market gains, low unemployment, etc. But the simple fact is that not everybody is participating in its success—and that's a problem. In fact, a record number of Americans are delinquent on their auto loans—more than during the 2008 financial crisis. And it's not just the down-and-out who are affected. Young, educated Americans are having serious trouble getting ahead in life and out of debt. Here's why.
They're Great At Making Money. Their Effectiveness Is Less Certain.
So your Fast and Furious driving techniques finally caught up to you: You got a ticket. In many states, you could give away an exasperating sum of your free nights to traffic school to stem the long-term consequences. But should you? And does attending one really help you address your driving flaws?
Businesses Addressing Those Left Behind By The Modern Economy
No bank account. No credit cards. No established savings. Almost 2 billion people in the world live this way, left to participate in an informal, off-the-market economy. To address this, companies and other institutions are increasingly embracing the concept of financial inclusion to improve the ability of underserved communities to participate in the mainstream financial system in a responsible and sustainable way. Here's how that works.
The Modern Car Loan Sucks. But It's Got Company.
Ah, consumer contracts. The inflexible, often crooked backbone of our financed purchases and service subscriptions. Sure, they’re unavoidable. But do they have to be so downright awful? We go back in time to see how awful agreements like auto loans stack up against some of the worst financial pacts in history.
High Interest Rates Are Illegal. So How Are Auto Lenders Getting Away With Them?
With consumer protections in place for literally just about anything you can buy, you'd think regulations would protect you from high-interest auto loans. Well, those laws do actually exist. They just don’t apply to the vast majority of finance companies.
4 Scary New Repossession Techniques
More Americans are behind on their auto loan payments—and that means boom times are here for repossession companies, who are using increasingly high-tech methods to haul away the cars of delinquent drivers. Here are some of the scariest ones we’ve heard.
I’m not a doomsday prepper or anything, but most of my financial commitments are probably soft enough to pull off a pretty decent bug-out plan. Amid my loose fiscal attachments, however, one long-term contract has managed to stay chained to me like an ankle monitor: my cable TV plan.