Auto Loans Surpass Student Loans As Second-Highest Household Debt

• Auto loan debt is increasing, accounting for nine percent of all household debt.
• Car debt is now second only to mortgages.
• The average new car price is currently $47,870.

It’s no secret that cars, whether new or used, are more expensive than ever. Consequently, there’s more debt tied up in auto loans. A new report from Financial Times gives us a fresh perspective…