Business Markets

Rising car prices drive U.S. consumers into deeper debt 

Nations around the world are battling with economic meltdown that affects all facets of people’s livelihood. Rising prices for new cars and trucks are driving U.S. consumers deeper into debt.

Credit-monitoring company Experian on Thursday said the average car loan for a new vehicle hit a record high of over $40,000. Vehicle demand is high, but automakers say they still cannot keep pace because of shortages of semiconductors and other supply chain snarls.

Despite the Federal Reserve’s efforts to cool the economy by raising interest rates, prices of new vehicles in the United States have been rising faster than the overall inflation rate for much of the year. Soaring prices force many to take on greater debt, and as a result, pay out more per month.

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