Auto Loan Defaults Reach 29-Year High as Interest Rates Surge, Squeezing Subprime Borrowers
- Auto loan defaults hit 29-year high in September as interest rates surge
- Subprime borrowers especially struggling with loan payments amid high inflation
- Interest rates for new and used cars over 20% for subprime borrowers
- Fed rate hikes contributing to higher borrowing costs and financial stress
- Individuals opening more credit cards to pay debts, but rates may rise further