A paycheck can look perfectly respectable on paper and still disappear with astonishing speed. For millions of Americans, the problem starts before the landlord gets paid: the car loan and student debt already have their hands out.
A recent analysis by The Washington Post, using credit bureau data provided by the Urban Institute, found that Americans with auto loans averaged $716 in monthly payments. Borrowers with student loans averaged another $316. For people carrying both debts, those two bills can consume $1,032 every month before rent, groceries, utilities, or insurance enter the picture.
