“FOR MANY AMERICANS, it is easier to acquire a new car than to find a rental apartment they can afford. But there is a high price, in sheer debt, to pay for getting that ride on the road. The average monthly loan payment for a new vehicle recently passed the $700 mark, a figure that does not include insurance and the steep costs of maintenance. Currently, Americans owe 1.52 trillion dollars in auto debt—a staggering sum that has doubled over the last decade, due in large part to the migration of subprime loans from the housing to the auto market.”
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