“Let us focus on auto debt today since the quarterly household report from the Fed was released this week. The report is stunning because it shows a massive jump in auto debt. In the last quarter, auto debt jumped by $101 billion. Total outstanding auto debt now stands at $905 billion. In other words total auto debt jumped 12 percent in one quarter alone. More troubling of course is that a sizable portion of this debt is in the form of subprime debt [27%].”
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