Consumer Reports Highlights Rising Car Payment Delinquencies Amid Economic Pressures
Consumer Reports has identified a growing trend of Americans falling behind on car payments as economic pressures mount. The report highlights that the rising costs of groceries, housing, insurance, and other essentials are making it increasingly difficult for families to manage their car payments. The average price of a new vehicle has surged to nearly $50,000, exacerbating the financial strain. According to recent data from Fitch Ratings, nearly 7% of Americans with lower credit scores are at least 60 days late on their car payments. Consumer Reports advises those struggling to keep up with payments to act early and communicate with lenders to explore options such as moving payment due dates, setting up hardship plans, or deferring payments. Refinancing and lease transfers are also suggested as potential solutions. 
