Americans certainly aren’t strangers to debt. From student loans to mortgages to credit card balances, we’ve long been a nation of borrowers. But these days, a growing number of U.S. adults are adding one more form of debt to their tallies: auto debt.
According to data released earlier this month by the Federal Reserve Bank of New York, a whopping 107 million Americans have auto loans, up from 80 million people back in 2012. All told, an estimated 43% of the U.S. adult population owes money on a car.