A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy | WHAT REALLY HAPPENED


A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy

A record seven 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 era.

Despite the strong economy, many Americans continue to struggle to pay their bills. People who are three months or more behind on their car payments often lose their vehicle, making it even more difficult to get to work, the doctor or other critical places.

“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post.

Webmaster's Commentary: 

Which tells you there really isn't a strong labor market!

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