Archives for February 2023

A combination of interest rate increases, high inflation, and a cooling job market has resulted in many Americans falling behind on their car payments. Delinquencies and defaults are on the rise with the number of borrowers 60 days delinquent or more are up 27 percent from a year ago. Subprime borrowers are often the first to fall behind on car payments. Many who took out subprime loans have significantly higher rates, resulting in higher payments and insurance costs that are simply not … [Read more...]

Individuals and families straddled with debt are struggling to make ends meet as inflation rises alongside stagnating wages and higher unemployment. The 43 million Americans with federal student loan debt anxiously await news of the federal student debt cancellation program, a plan to cancel 10K in federal student loan debt for individuals with annual income below $125K/$250K per household and $20K cancellation for Pell Grant recipients with the same income. With more families forced to tighten … [Read more...]