Part 3/14:
Meanwhile, consumer debt is skyrocketing. Auto loan debt has surpassed $1.65 trillion, growing at a rapid, compounded pace. About 25% of Americans with auto loans are in negative equity, owing approximately $7,800 more than their vehicle’s current worth. This trend is alarming, especially coupled with high credit card debt, averaging over $6,500 at an interest rate of 22%, which further strains household finances.