Older vehicles—the kind usually sought out by people on a tight budget—are downright expensive, having risen in price almost 75 percent since 2010. (Photo: Shutterstock)
People at the lower end of the payscale are having a tough time making ends meet, regardless of the so-called "booming" economy. And it looks as if they'll be having an even tougher time in months to come, threatening any claim they might otherwise have to financial wellness.
The reason? Their cars, according to a Reuters report.
Older vehicles—the kind usually sought out by people on a tight budget—are downright expensive, having risen in price almost 75 percent since 2010, and the outlook is not bright for that to ease any time soon. The result is a dizzying rise in car loan delinquencies among those with the lowest credit scores, and that can jeopardize not only people's financial wellness but their jobs as well.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
