Despite dwindling car sales in 2019, consumers added $18 billion in auto-loan debt in Q3 2019, says a recent report from the Federal Bank of New York. With an estimated 16.7 to 17.1 million cars expected to sell in 2020, household debt is sure to rise across the country.
Unfortunately, in the cut-throat world of car sales, many consumers fall victim to deceptive practices, sky-high interest rates or unclear deal terms. As a result, they face hefty loan balances and alarmingly high debt-to-income ratios.
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