Car buyers bear a heavy burden as Federal Reserve keeps raising rates: Auto-loan rejections are up

[Hestia]

8. We had to get a new car when the 2008 & 1999 cars we had seized up (along with my DH's work car)

all at the same time during covid lock down - all 3 had been repaired and maintenanced at the same exact place within the same 3 month time span.

After it became way too difficult to get by without a personal vehicle, we had to break down and get a used car that we were very luck to find, and yes, we had to use credit, because these days they are too expensive not to do so.

But with everyday shopping, you are correct, everyone needs to pay down their cards/accounts and stick that money, right now, into savings accounts. The interest rates are now favorable to do so which will make it easier to save up for a down payment for a mortgage.

But it appears that the days of EZ low or no down payment days are over, which they should be. It's rather amazing that the country went from everyone saving during the lock down and now the consumer debt is more than before covid.