Data published in May by the New York Fed shows auto debt in our country rose by $87 billion in the year ending in March 2022.
As pandemic stimulus money has run out for many Americans, debt is starting to mount again and it is leading to signs of trouble, particularly in the auto industry where car repossessions are on the rise.
Benson says some of that rise can be attributed to the used car market as car values rose by more than $10,000 over the course of the last year, but some of it can also be attributed to the liberal spending practices afforded to some by the pandemic.
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