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Close-Up Of Car Keys On Table

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Well, this is a little disheartening. Reports say that a record number of Americans are at least three months behind on their car notes.

African woman holding car keys

Source: JGI/Jamie Grill / Getty

The Federal Reserve Bank of New York released a report showing a record seven million Americans are at least 90 days behind on their car payments. Most are age 30 or younger and have low credit scores.

Economists were surprised by the results amid a strong economy, and also because, according to Fitch Ratings senior director Michael Taiano, car loans are usually a priority when paying your bills because in many parts of the country you can’t get to work if you don’t have a car.

Wow! Does this report surprise you?