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July 15, 2019
Your monthly car payment is not only a ticket to freedom, letting you enjoy summer road trips, but also a lifeline that gets the kids to school and you to work.
But if it consumes too much of your budget, your ticket to ride could turn into a ticket to financial trouble. More than 7 million Americans were “seriously delinquent,” or over 90 days late, on their car payment at the end of 2018, according to the Federal Reserve Bank of New York. And 2.4% of loans transitioned into serious delinquency in the final quarter of 2018, up from 1.5% in 2012.
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