Auto loans are now the second-largest household debt in America, to the tune of $1.66 trillion. For perspective on common bills, that amount only follows mortgages at $13.07 trillion, and slightly edges out student loans, which come in at $1.65 trillion. Credit card debt closes out the list at $1.23 trillion.
With average monthly car payments still so high, it makes little sense to throw so much, or any, money at a depreciating asset and take on more debt. That’s the thinking of best-selling author, personal finance guru and radio show host, Dave Ramsey. He believes monthly car payments are costing you millions of dollars — here’s why.
