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Car Payments Skyrocketing Across America | Durham News
Car payments are hitting record highs—nearly 10% of borrowers are now shelling out $1,000+ monthly, especially in North Carolina where it’s 8.5%. Rising car prices, bigger trucks and SUVs, and longer loan terms are driving this surge. Financial experts urge you not to panic but to act: refinance if rates or credit have improved, or trade down if you’ve built equity. Crucially, contact your lender before missing a payment—it’s far easier to fix things early and avoid credit damage. And when shopping for a new car, don’t just chase low monthly payments—look at total cost, interest rate, and…
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