Car debt on the rise in Iowa as U.S. car buyers owe $1.3 trillion in auto loan debt
U.S. car buyers owe $1.3 trillion in auto loan debt – equivalent to 5.5% of the national GDP –according to data from the Federal Reserve Bank of New York, reports the Cedar Rapids Gazette. In Iowa, the auto debt balance had a 66.5% increase from $2,720 per capita in 2008 to $4,370 per capita at the end of 2018. Over that time frame, 2.59% of Iowa’s auto debt balance was more than 90 days past delinquent, up from 1.9% 10 years before.
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