We Haven’t Seen a Subprime Borrower Meltdown of This Magnitude Since the Last Financial Crisis

October 24, 2023

by Michael Snyder The Economic Collapse Blog

It is happening again. All over America, borrowers are getting behind on their payments. In particular, subprime borrowers are having a very difficult time paying the bills. Does that ring a bell? That should, because the last time we witnessed anything like this was during the last financial crisis. When things start to go bad, those at the bottom of the economic food chain feel it first, and that is why the numbers that have been coming out lately are so alarming.

For example, the percentage of subprime borrowers that are at least 60 days behind on their auto loans reached 6.11 percent last month.

That figure is the highest ever recorded…