High Interest Rates Make Big Purchases Unaffordable for Many Americans
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High interest rates are making big purchases like houses and cars unaffordable for many Americans. Mortgage and auto loan rates have roughly doubled in the past 18 months.
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Rising interest rates have led to a spike in credit card debt, with balances now over $1 trillion for the first time. More Americans are relying on credit cards to cover basic living expenses.
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Home prices surged during the pandemic, pricing many potential buyers out of the market. The homeownership rate gap between homeowners and renters has widened.
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New vehicle prices are up 30% since pre-pandemic. The average monthly payment for a new car is now a record-high $730.
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Americans of all ages are struggling to keep up with payments. Delinquencies on auto loans, credit cards, and student loans have risen across the board.