We have just launched a new version of our mobile app to put a dent in this problem by helping people reduce the cost of their debt. The updated tool guides members through the process of reducing the cost of credit card and auto loan debt, with recommendations on everything from refinancing to payment strategies.
As automakers prepare to debut the newest offerings at the Los Angeles Auto Show, Credit Karma took a closer look at how people buy-and finance-cars.
Americans are shopping again and they are increasingly charging it. Growth in credit card and auto loan debt added to the $35 billion increase in aggregate household debt for a total of $12.29 trillion at the end of June according to government reports.
A recent study showed that car ownership was declining in America, but with over 90 percent of households still owning a vehicle, it clearly still plays a major role in most people’s daily lives. Millennials are more likely to be interested in things like ridesharing than older generations, but a large number of them are still buying cars.
Americans bought 16.5 million new cars in 2014. And where there are car sales, there are car loans. To find out where people are buying cars in greatest numbers, and taking on debt to do so, we scoured Credit Karma data for the cities with the highest percentage of open auto loans. Is your town on the car-mad cities list?
With car-buying season revving up, here are the states with the highest average auto loan amounts.