Those surging prices are causing consumers to cut back on discretionary spending, according to retail and consumer companies likeRapidly accelerating prices could exacerbate financial strains among young people and borrowers with low credit scores, Tavares said.
“You can get a bit of a canary in a coal mine effect. If it happens with one group, sometimes it can spread to another group.” Auto loans make up a significant chunk of that debt, as demand for vehicles soared in 2021 in the United States, pushing up the price and duration of loans for cars.
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