ALL THE MONEY NEWS YOU NEED TO KNOW | |
Americans are drowning in auto loan debt, which is leading to rising loan defaults and repossessions.The record number of defaults is a canary in the coal mine for large-scale economic problems and a potential crisis for consumers left unprotected by the federal government, according to a new report and analysis by the Consumer Federation of America. Consumers owe more than $1.66 trillion in auto loan debt.The average vehicle is now selling for $50,000 and almost 20% of new car buyers owe $1,000 or more a month on their auto loans."Delinquencies, defaults, and repossessions have shot up in recent years and look alarmingly similar to trends that were apparent before the Great Recession," according to the report by the CFA.The report is being sent to members of Congress this morning and CFA is calling on members of Congress, the Trump administration, the Federal Trade Commission and the Consumer Finance Protection Bureau to end "exploitative practices," including interest-rate kickbacks to dealers and lenders. | Car key and purchase agreement on wooden table, closeup. Olga Yastremska, Getty Images |
How wide is the gender wage gap? |
New U.S. Census Bureau data shows the gender wage gap widened in 2024 for the second year in a row, marking a blow to women's pay equity efforts nationwide. The news follows recent reports that women, particularly mothers of young children, are leaving the workforce at an alarming rate. |
Poverty is on the rise for seniors |
Poverty is on the rise, but only among seniors, according to the U.S. Census Bureau's annual poverty report. Every other age group saw declines or stayed steady. |
📰 Consumer stories you shouldn't miss 📰 |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. | | A new report by the Consumer Federation of America to Congress calls on lawmakers and regulators to protect car buyers, saying a crisis is at hand. | | The female-to-male earnings ratio fell in 2024 to 80.9% from 82.7% in 2023. In 2022, the ratio was 84%. | | | | Seniors are the only age group that saw a rise in poverty in 2024, Census Bureau data show. Without government help, it could get worse, experts say. | | | | U.S. employers added nearly a million fewer workers than previously believed, according to a Labor Department report out Sept. 9. | | | | As one of the most crucial parts of your vehicle, tires are prone to wear and tear, and will degrade naturally over time even with the proper care. | | | | If you used Facebook between 2007 and 2022, you qualified for the $725 million settlement. Here's what to know if you filed a claim. | | | | Lightning strikes are some of the most awesome demonstrations of power on Earth, and the results can range from mild to destructive. | | | | An ice cream brand is protesting summer's end with a new sunscreen flavor. | | | | The FAA released a remidner to operators to review their electronics safety messages and firefighting procedures as incidents increase. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | |
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