Car debt is piling up for consumers, according to a Bloomberg News report. The outlet found that the amount of negative equity, or the amount that debt surpasses a vehicle's value, is building up. This has led many car owners to show up at lots underwater, which is also known as "upside down," as they try to trade in their debt-burdened cars. The situation has emerged against a backdrop of rising interest rates, with the average new-car interest rate hitting 6.9 percent in January, up from 4.3 percent a year earlier, according to Edmunds.
A legal expert helps break down why Tesla shareholders are voting on Elon Musk’s historic pay deal – and why betting against Musk usually doesn’t pay off.
Chair Jerome Powell says the Federal Reserve only expects to cut rates once in 2024. But at least, as one economist says, ‘rate hikes are off the table.’
