0
0
0
s2smodern

A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported, even more than during the wake of the financial crisis.

Some economists warn that this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills, they claim.

“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post.