Consumer Reports Offers Guidance on Managing Rising Car Payments Amid Economic Pressures
Consumer Reports has provided advice for Americans struggling to manage car payments as costs for new vehicles, gas, and insurance continue to rise. The average price of a new car has reached nearly $50,000, and many Americans, particularly those with lower credit scores, are finding it difficult to keep up with payments. Nearly 7% of these individuals are at least 60 days late on their car payments. Experts recommend acknowledging financial difficulties early and communicating with lenders to explore options such as moving payment due dates, setting up hardship plans, or deferring payments. Refinancing car loans or transferring leases are also suggested strategies to alleviate financial strain. 
