More people are three months behind on car payments today than at the height of the Great Recession. That's bad news for the economy.
Heather Long reports: "A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis."
"Economists warn that this is a red flag," adds Long. "Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills."
As the article explains in more detail, car payments are considered a first priority bill, because of their importance in getting to work and other critical places as well as the ability to live in cars if "all else fails."
"Most of the people who are behind on their bills have low credit scores and are under age 30, suggesting young people are having a difficult time paying for their cars and their student loans at the same time," explains Long.
Read the full story: A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy
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