Americans are falling behind on their auto payments at the highest level since 1994 as interest rates continue to sail skyward under the Biden Administration.
Bloomberg reports that the percentage of subprime auto borrowers at least 60 days past due on their loans rose to 6.11% in September — up from a previous high of 5.93% in January according to Fitch Ratings data.
Even with a great credit score, the average interest rate for an auto loan on a used car is 7.09%, according to Bankrate.
RELATED: Aggregated Inflation Rate Up Nearly 24% Since Biden ...
For middle and lower-class Americans the high expense along with rising grocery prices may squeeze them out of car ownership.
But they may be the point, as the Biden administration has already launched The U.S. National Blueprint for Transportation Decarbonization, an effort to redesign communities all around the country so that walking and biking become more viable options.
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