More than 7 million car loans have expired for at least 90 days in the fourth quarter, according to data released this week by the Federal Reserve in New York.
This is 1.3 million more overdue loans than the previous peak that followed the Great Recession in 2011. The unemployment rate in 2011 is more than twice the current level.
The growing problem of people lagging behind in car loans contradicts the picture of a strong American economy. This is particularly worrying because the rate of overdue car loans is lower than for other types of loans such as credit cards and student loans.
But it is rising again. in all except for two quarters of early 2015
The reason that there are just more loans than any other time, according to the Fed.
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