Car Debt Piles Up as Interest Rates Soars, Says Report

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. 

More In Business

Grab a Mimosa: Brunch Is the Most Important Meal of the Day

One thing inflation-battered consumers aren't willing to give up: breakfast and brunch at their favorite restaurants.

Is a $1,300 iPad the Innovation Apple Needs Right Now?

Apple’s latest event promised to usher in a new era for the company’s iPads, but what’s missing is cohesion as it gets closer to the developers conference.

Debt Got You Down? Here are 12 Ways to Tackle It

While you can't wave a magic wand and make your debt disappear, paying off your credit card obligations can be easier than you think.

How to Spot AI-Generated Deepfake Images

With AI deepfakes cropping up almost every day, it’s getting harder to tell what’s real from what’s not.

College Athletes Are Looking For $$$. What Stands in Their Way?

A settlement being discussed in a lawsuit against the NCAA and major college conferences could cost billions and pave the way for a compensation model.

Bagels, Sharks, & Oprah: Elyse Oleksak's Memoir 'A Shark Ate My Bagel' Schmears the Cream Cheese

From a booming bagel business to a Shark Tank deal to being one of Oprah’s Favorite Things, co-founder of Bantam Bagels dishes in a new memoir.

Don’t Get Stuck With FOMO: Budget for That Dream Vacation

Even if you don't have a five-star budget, travel is a priority for more consumers. Here's how to get the best possible deals.

Julia Fox and Law Roach Team Up For a Sustainable Fashion Show

A new fashion competition show on E! called “OMG Fashun,” challenges contestants to repurpose materials to create unique looks.

The Fed Indicates Rates Will Remain High. What Does That Mean For You?

The Federal Reserve’s decision Wednesday to keep its benchmark rate at a two-decade high should have ripple effects across the economy.

Netflix’s ‘Roast of Tom Brady’ Was Well Done

A busy weekend at Netflix, culminating in the star-studded ‘Roast of Tom Brady,’ suggests the streamer is ready to compete with rivals like Amazon.

Load More