(February 13, 2019) — The Seattle Times reported yesterday that 7 million Americans are 90 days or more behind on their auto loan payments, according to the Federal Reserve Bank of New York. Economists see this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills.
“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post.
A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is a sign of significant duress among low-income and working-class Americans.
So what about RV payments? If you’re paying on an RV loan, are you on time with your payments? Or maybe even ahead? Or behind? Remember, on these surveys we only know the cumulative results, not how any one person voted (we don’t know anything about who voted, in fact). Please only respond if you are currently paying on an RV loan.
Thanks to RV Daily Report for turning us on to this story.