Auto loan and credit card interest rates just hit a new record high.
— The Kobeissi Letter (@KobeissiLetter) April 3, 2023
Average interest rates:
- Credit Card: 24.5%
- Used Cars: 14.0%
- New Cars: 9.0%
Meanwhile, we have record levels of debt:
- Total Household Debt: $16.5 trillion
- Auto Loans: $1.6 trillion
- Credit Card…