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High Risk Auto Loans - The total dollar value of high risk auto loans fell to $26.58 billion, a 10% drop. While still rising, the growth rates for 30-day and 60-day delinquencies had only minimal increases. The 30-day delinquency rate rose only 1%. The 60-day delinquency rate rose 3.5%.
The drop in total dollars at risk and the deceleration of delinquency rates are positive signs for the auto loan industry. While some of the drop in total dollars at risk is attributable to lower loan volumes over the past two years, a significant portion is due to more conservative lending practices since late 2008.
While most of the new car market is being driven by prime lending, loans for subprime customers are still active, particularly in the used car arena. Additional auto loan facts:
The average credit score for new auto loans is 775
The average credit score for used car loans is 680
With all the money woes at hand there is even more concern about the government's Social Security and Medicare programs. It appears budgets have affected both and the cash may be depleted by 2041. The prediction has been that Social Security would be paying more out in 2017 than it collects through taxes.
Medicare which pays for hospital care is said to be depleted by 2019. With the current unemployment that means less funds will be paid into the Social Security and Medicare systems. In 2010 the projection is that only three billion more will be collected above the benefits that will be paid out. The recession and billions of dollars that have been spent for bail outs will have an impact.
In the past, the Social Security has taken in more than what was spent in benefits. This provided like a rainyday fund and the government could spend funds on other programs.This is not the case now.
Health care costs are sky high and Medicare must survive the reduction in collected taxes. For this reason, Medicare may need to be addressed before Social Security. Health care coverage needs to be available to millions of Americans. Baby boomers who are retiring can only make the problems more magnified. The next few years may show record deficits.
Americans must prepare for the predictions of the future. One way would be to save more for retirement, to pay into an IRA or 401(K), or work longer. Another way may be to rely on family for some support. Who can predict any reforms or if reforms are made, when they would take effect.
Leaving to chance how retirement years could be spent is not wise. The best advice may be to consider working longer and save more money. Retirement years should not be left to chance.
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Credit Advice: Short term financial foresight can cause long term credit problems. While juggling bills to keep up with debt payments, also consider how your purchases will affect you over the long haul. Keeping this is mind may help you control unnecessary spending urges.
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