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Americans haven't just been taking out risky mortgages for homes in the last few years; they've also been signing larger automobile loans for significantly longer terms than they used to.
As a result, people are slipping into a perpetual cycle of automobile debt that experts think could lead to a new credit crunch extending from dealerships to driveways and all the way to Wall Street.... New cars that are fully loaded — with debt - Los Angeles Times |
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I feel closer to adequate now that I know it's not common for Americans to buy their cars with cash. I don't feel better about the extension of auto loan term maturities, however.
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Let's eschew the "credit crunch" (already my nomination for most overused term for 2008) and use the euphemism "Yard Sale Economy." ![]() |
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