Allot of strapped people out there cant pay the bills.
Its getting worse.
Having your car repossessed isn’t a fun situation, and while it usually can be avoided, sometimes people are in genuinely bad financial situations where it can’t be helped. Even if that’s the case, pulling a gun on the tow truck driver who’s just doing his job is far from a practical solution. One man learned this lesson the hard way when police responded to the situation, immediately arresting the guy.
autos.yahoo.com/guy-pulls-gun-repo-man-163500328.html
www.pymnts.com/economy/2023/repo-companies-predict-boom-as-consumers-miss-car-payments/
A growing number of Americans are falling behind on their car payments, an ominous sign for the U.S. economy as high car prices and persistent inflation strain household budgets.
Car repossessions tumbled in the early days of the pandemic when the government sent $5 trillion in stimulus money to American homes and businesses. But they have progressively ticked higher as sky-high prices for used and new cars alike forced consumers to take out bigger loans.
In January, the percentage of auto borrowers who were at least 60 days late on their bills climbed 2% from December and 20.4% from a year ago, according to the latest data from Cox Automotive. The percentage of severe delinquencies surged to the highest level since 2006.
Although the high level of severe delinquencies has not led to equivalent growth in defaults, those are also on the rise: Loan defaults increased 6.2% over the course of January and were up 33.5% from a year ago.
www.foxbusiness.com/money/car-debt-piles-up-more-americans-struggle-make-payments
h/t led_Dis_Spencer
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