Yes, deregulation and making credit fun and easy eventually tumbles when the economy stops going up. But to be fair to McCain, Gramm and Bush, who could have known that the US economy would ever slow down or even have a recession? There have only been six since the end of WWII so they never could have imagined such an event such as the seventh. The 2001-2003 recession really didn't count because it was all Bill Clinton's fault. (Everything that goes wrong is always Bill Clinton's fault. Even McCain's involvement in the Keating Five S&L crisis was probably somehow Clinton's fault. That's why the corporate media doesn't want to talk about it.)
The percentage of auto loans that were past due 60 days or more rose 11.5 percent in the second quarter, compared to last year, according to credit reporting agency TransUnion.Auto loan debt is on the rise as well.
The rate rose to 0.68 percent of outstanding loans, from 0.61 percent in 2007’s second quarter.
Average auto debt also increased for the second quarter, up about 2 percent to $12,869, from $12,630 in the year-ago quarter. Turek said part of this increase reflects the ongoing housing slump.
“In some states there’s a lack of home equity,” he noted. “Folks have less access to home equity to finance auto purchases,” which has led to more people taking out car loans.
