FinancialAnalysis

Soaring Auto Insurance Rates in the US: What's Going On?

4 months ago

In recent months, the United States has witnessed a dramatic increase in auto insurance rates, presenting an unprecedented issue for numerous drivers. According to new research, the average cost of an auto insurance policy has surged by a significant 14% since the beginning of 2022, with rates continuing to climb in 2023. This increase in prices has been attributed to several factors, including a rise in parts costs, accelerating inflation, and a growing number of accidents.

Auto Loans: The Second Largest Household Debt in the US

7 months ago

A recent report indicates that auto loans are becoming the second largest source of household debt in the United States, second only to mortgage loans. With rising car prices and increasing borrowing costs, auto loans have reached record levels, impacting the financial situation of Americans.