More Car Loans Than Mortgages in U.S.
There are now more auto loans than mortgages in the U.S., according to new data from the Federal Reserve Bank of New York. Americans were holding 84 million auto loans in the second quarter of 2013, compared with 80.6 million mortgages, the New York Fed’s Household Debt and Credit Report showed. Borrowing for vehicles reached $814 billion in the second quarter, an increase of $20 billion from the previous quarter. The increase was bigger than any other loan category in the quarter. Most auto loans go to older borrowers, with the greatest share going to people aged 30 to 49. The only group originating more loans than before the recession are people over 60.
From "More Car Loans Than Mortgages in U.S."
Wall Street Journal (08/14/13) Izzo, Phil
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