Car repossessions are on the rise as more consumers fall behind on their payments amid an inflation crisis that has squeezed millions of U.S. households.
Retired American Express CEO and Chairman Harvey Golub discusses how Fed rate hikes and growing inflation are affecting GDP growth on 'Cavuto: Coast to Coast.'U.S. economyCar repossessions tumbled in the early days of the pandemic when the government sent $5 trillion in stimulus money to American homes and businesses.
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.
Prices for used and new vehicles surged last year as a result of a semiconductor shortage as well as other in the global supply chain. Although there were fewer cars being produced, consumer demand remained strong, driving prices higher.
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