Borrowers in Washington DC carry the highest amount of auto debt per borrower in the United States, according to an Associated Press story on August 23, 2011. Credit reporting agency TransUnion reported that Washington DC averages $15,128 per borrower in auto debt, while the national average was $12,689 for April through June.
The AP reported that low interest rates and improved car sales helped drop the rate of late payments for auto loans. TransUnion said it was the seventh-straight quarter that the auto loan delinquency rate fell, with the share of borrowers 60 days or more behind dropping from 0.53 percent a year ago to 0.44 percent.
The credit reporting agency said it expects the auto loan delinquency rate to drop further through the end of the year, but cautioned that it could “switch direction rapidly if the economy dips back into recession,” according to the AP.
If your car payment is one of the bills you are still struggling to every month, do not allow that one area to spread to another area of your budget. Did you know you can stop a repossession by filing with the bankruptcy court?
Alternatively, if you want to confront your problem before repossession occurs, you should contact a Washington DC bankruptcy lawyer who can help you get deserved relief today.