In North Charleston, South Carolina, people worry about paying too much for cars compared to their income, as car costs nationwide go up, and many owe a lot in car loans, leading to the need for smart money management.
Car Payment Concerns in North Charleston – Rising Costs and Loan Debt Spark Financial Worries
According to the published article by Go Banking Rates, in North Charleston, South Carolina, many people are worried about paying too much for their cars. Experts say it’s best to spend only 10% to 15% of your paycheck on car payments, but some are paying up to 20%. Recent data shows that car payments are going up across the country. New cars cost an average of $738 per month, leased cars cost $606, and used cars cost $532.
Americans owe a lot of money on car loans, around $1.607 trillion in total. Every month, people are taking out about $55 billion in new car loans. Younger people, under 50, are taking out a big chunk of these loans about $33.3 billion. But, more and more people are having trouble paying back their loans on time.
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$1.607 Trillion in Auto Debt: 2.5% Rise in New Car Payments Alarms North Charleston Residents – Check It Now! (PHOTO: Investopedia)
Managing High Car Payments – Actionable Steps for Financial Control in North Charleston
Furthermore, people in North Charleston must take action to deal with high car payments. They should look at their budget again, try to get a better loan deal, and find ways to make extra money. It’s important to talk to experts if things get too hard. By doing these things, people hope they can manage their car payments better and have more control over their money.
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