Economists have been worried about a recession for years and it appears one is finally going to happen thanks to a mix of job cuts, tariffs, and uncertainty. The warnings signs are everywhere and consumer confidence recently hit a 12-year low.
Another alarm bell has started ringing as Cox Automotive has quietly revealed the “repossession rate returned to 2019 levels, while auto loan defaults are higher.” Digging into the numbers, there were 2,332,837 car loan defaults last year. That’s a staggering number and it even eclipsed those during the peak of the Great Recession.
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