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GeoPulse : Learn how to take control of your money with smart personal finance strategies, simple investing tips, and daily money hacks. In this video, we break down today’s financial news and give you practical steps to grow wealth, save smarter, and invest wisely.

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Transcript
00:00Right now, Americans owe roughly $1.46 trillion in auto loans. That represents 9.4% of all the
00:08consumer debt that's out there, right below student loan debt at 10.1%. And this is something
00:12that's been happening pretty recently over the last two years. Because if we zoom out and we
00:17look at the data between 1990 and 2021, you could see this spike of 42.4%. That happened pretty
00:23recently and in a very short amount of time. Now, between 2020 and 2021 alone, used car payments
00:29went up 18.1% from $413 to $488 a month. And then the first quarter of this year, we're
00:36now at $503 a month. And that's for used cars alone. Now, according to Moody's analytics
00:41of vehicle affordability, a person now needs 41.3 weeks of income to buy a new car in comparison
00:47to what was the average, which was only 34.
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