Opportunity Flash
Large Car
Payments-A Financial
Burden
More than half of Americans (56%) say
their monthly lease and car payments are enough of a burden to prevent them from
making other big ticket purchases, according to the Cambridge Consumer Credit
Index*. About seventeen percent
(17%) of those with car loan payments say these loans are a major burden, which
is up from the eleven percent (11%) who felt so in 2003; thirty-nine percent
(39%) say the loans are a minor burden, which is down from forty-four (44%) a
year ago.
Average car payments have risen because
of higher car prices. Seventeen percent (17%) of those
with car payments are spending between $500 and $700 a month, up from the
ten percent (10%) who paid that amount in 2003. Forty-three percent (down from
fifty percent a year ago) are paying between $300 and $500 a month, while
thirty-two percent (unchanged from a year ago) are paying less than $300 a
month.
"Consumers should be aware that their
FICO score and debt-to-income ratio can directly affect what interest rate they
will be paying when financing or leasing a car. We educate our clients to budget
themselves properly, to pay their bills on time and to pay down their debt.
Following these steps should eventually improve a consumer's credit history,
which is taken into consideration when applying for a car loan or lease," said
Chris Viale, Acting President & C.E.O. of Cambridge Credit Counseling
Corp.
EverydayWealth can help! Use your Savings Guide to pay down debt
as quickly as possible and the Optimize Credit track to help get your credit
report in shape.
*To read the press release, visit
www.cambridgeconsumerindex.com/index.asp?content=press_release
Seize the opportunity. Create wealth. Make a difference!
Let's help bring back the
American dream, one family at a time!
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