New York Post: Credit Card and Car Loan Defaults Hit 10-year High as Inflation Squeezes Families
Article by Lisa Fickenscher in New York Post
Inflation-squeezed Americans are defaulting on their credit cards and auto loans at levels not seen since the financial crisis – and the struggle to pay their bills is poised to get worse as interest rates rise and the moratorium on student loans expires.
Low- and middle-income earners have been especially hit hard by soaring prices on everything from rent, groceries, and new and used cars despite the Federal Reserve’s attempts to tamp down stubbornly-high inflation.
This year, credit card delinquencies have hit 3.8%, while 3.6% have defaulted on their car loans, according to credit agency Equifax.
Both figures are the highest in more than 10 years.
“The increase in delinquencies and defaults is ......