Woman Owed $84K on Car, Paid $50K, Still Owes $74K Due to High Interest

North Carolina woman owed $84K on a car loan and paid $50K over 3 years, but still owes $74K due to high interest rates
Interest rates on auto loans are climbing, with averages now over 7% for new cars and 11% for used cars
Cars lose value quickly, so auto loans often end up "underwater" with more owed than the car is worth
To avoid high interest rates, pay cash for cars or negotiate lower rates directly with the lender
Consider consolidating loans, selling unneeded cars, or getting a side job to pay down balances faster