Hialeah is the 4th ranked city nationally that is experiencing the greatest increases in auto loan debt, according to a new report by WalletHub.
“A big increase in auto loan debt in a city can either show that residents are experiencing financial difficulty because they need to borrow more, or that residents are responsible because they can qualify for larger loan amounts. In most of the top 10 cities driving up auto debt, the extra debt is a bad sign because those cities tend to have high debt delinquency rates and a lot of people experiencing financial distress,” WalletHub Analyst Chip Lupo said.
The average American household owes nearly $14,000 in auto loan debt and the nationwide total is nearing over $1.64 trillion, the report states…