World Economy

Americans Behind on Debts

Americans Behind on DebtsAmericans Behind on Debts

Reports from two credit tracking services, Experian and TransUnion, both show an increase in the number of car buyers who are 60 days or more behind on their car loans in the third quarter. TransUnion says there was a 13% jump in delinquent loans. Experian reported a 9% increase, CNN Money reported. The rise in late payments is partly due to the fact that car sales are up a lot this year. Car prices are up too, so the average size of a car loan is at a record high according to Experian. Another factor is that more used-car buyers need to borrow money to make their purchase, according to Experian.