Auto Loan Debt Struggles in the US
As with any type of financial struggle, auto loan debt struggles can vary in degree. Some difficulties are relatively minor and just cause small hiccups when it comes to ability to keep up with payments. Others are major struggles that result in a person falling significantly behind on their payments. Struggle severity is among the things that can impact what the best debt relief strategy would be for a person who is experiencing difficulties with their auto loans. Skilled bankruptcy lawyers can look into the various details of a person’s debt situation, including the severity of their debt struggles, and provide them with an assessment of what debt relief methods might be a good fit for them.
Recent statistics indicate that an increasing number of Americans are falling significantly behind on their auto loans.
The statistics are from Experian Automotive and regard auto loan delinquency rates in the U.S. in 2015’s final quarter. They indicate that, in that quarter, the rate of individuals behind 60 days or more on their auto loan payments was 0.77 percent. This rate was only 0.72 percent in 2014’s fourth quarter.
Meanwhile, there was actually a drop in the rate of 30-day delinquency for auto loans. Why do you think serious auto loan delinquency is on the increase in the United States while lower types of auto loan delinquency are not?
Also, according to the statistics, Mississippi was among the states with the largest 60-day delinquency rates for auto loans.
One wonders if, this year, serious delinquency rates for auto loans in the U.S. will continue to go up and Mississippi will continue to have a particularly high such rate.
Source: USA Today, “More drivers falling behind on their car payments,” Chris Woodyard, Feb. 10, 2016