Monday, February 18, 2008
No, you're car has not been stolen.
Sure, we all park like assholes once in a while, but that's probably not the reason why a growing number of Americans can't find their cars when they next step out of the local Starbucks or Home Depot.
It would appear that the never fail "mirror fogging test" utilized by so many home mortgage lenders turned out to also be the test of choice of financial institutions issuing automobile loans as well.
While everyone's mouths are agape at the sub-prime mortgage train wreck now unfolding across the United States, surprise, surprise, more Americans are now missing payments on their auto loans and credit cards too. Repossession lots for automobiles are filling up to record highs throughout the country. There are millions of Americans who have been as reckless as can be with their auto finances.
Consumer debt is crippling America to the tune of $2.5 trillion, double of what it was just 10 years ago!
That's not good.
Posted by Markus Arelius at 2/18/2008 10:50:00 PM