WASHINGTON D.C. — More people are struggling to pay off their car loans.
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About six percent of subprime borrowers who typically have lower credit scores were more than 60 days past due on their auto loans, according to Fitch Ratings.
It’s the highest rate of delinquency since the agency has been keeping track of this since 1994.
Economic analysts have told Congress more programs are needed to make sure low-wage earners have support.
“A vast array of empirical studies proves that individual programs like health coverage, food assistance, and cash assistance and our social protection system overall help families with low income stabilize their lives, maintain employment, and advance in the labor market,” said Indivar Dutta-Gupta, Center for Law and Social Policy.
People are paying more for their vehicles because interest rates have gone up significantly over the past two years.
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