The economic crisis has caused a lot of financial hardship for many Americans, leading to an increase in car repossessions. According to recent reports, the number of people struggling to make their car payments is at its highest since the Great Recession.
This inflation crisis has had a major impact on households across America. With wages not keeping up with rising costs and job losses due to COVID-19, more and more families are finding it difficult just to keep up with basic expenses like rent or mortgage payments as well as vehicle loans. As a result, they have been unable or unwilling to pay their monthly auto loan bills which leads lenders repossessing cars from those who can’t afford them anymore.
Fortunately there are resources available for those affected by this situation, such as government assistance programs that provide temporary relief from debt obligations, including auto loans and other forms of consumer credit debt repayment plans offered by banks and other lenders that allow borrowers some flexibility in terms of payment schedules so they can catch up on missed payments without having their vehicles taken away from them permanently. It’s important for anyone facing difficulties making ends meet during these tough times take advantage these options before it’s too late so they don’t lose one of their most valuable assets.