Reports from two credit tracking services, Experian and TransUnion, both show an increase in the number of car buyers who are 60 days or more behind on their car loans in the third quarter. TransUnion says there was a 13% jump in delinquent loans. Experian reported a 9% increase.
The rise in late payments is partly due to the fact that car sales are up a lot this year. Car prices are up too, so the average size of a car loan is at a record high according to Experian.
Another factor is that more used-car buyers need to borrow money to make their purchase, according to Experian. And those buyers are more likely to fall behind on their payments.
Lenders are also more willing to make loans to buyers with poor credit. About 36% of new-car loans are now made to subprime borrowers, according to TransUnion, up from 31% in 2009. (Will we never learn?)
Not when leaders (And educators) think solutions to poverty are symbolic in nature, essentially giving someone the trappings of success like home or car ownership or $15.00 entry level work, when they haven’t earned it, is the way to go. Not when lawmakers bend and twist the rules to make the symbols of success effortlessly available to everyone.
Symbolism buys votes but at great cost.
Wow, Obama is being sued again. This time by STEM workers.
Court Ruling Challenges Obama Immigration Action:
“In a ruling that could short-circuit one of President Obama’s executive actions on immigration, a federal court has allowed U.S. tech workers to challenge extensions of foreign laborers’ status here.
The case of Washington Alliance of Technology Workers v. the U.S. Department of Homeland Security has “major implications” for the president’s ability to expand the number of work visas and the terms or durations of those visas, said Dale Wilcox, executive director of the Immigration Reform Law Institute.
The lawsuit was brought by attorney John Miano and the Immigration Reform Law Institute on behalf of several displaced American workers.
“The Obama administration and its congressional allies have stated repeatedly that they believed the president’s executive memos were immune from judicial review in federal court,” Wilcox said.
The decision by the U.S. District Court for the District of Columbia “demonstrates that this is not true,” Wilcox stated.”
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