Money management seems to be a thing of the past as Americans spiral to $1.6 Trillion in debt

Chevy Tahoe Pictured is Arnold's $84,000 Chevrolet Tahoe, which was financed by GM Financial

Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Mom, 28, forced to sell her dream car after forking out $40,000 in INTEREST alone over three years – as America’s auto debt spirals to $1.6 TRILLION
  • Three years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the keys to an $84,000 Chevy Tahoe.
  • Despite paying $1,400 a month in payments totaling more than $50,000, she still owes a balance of $74,000 to her lender – GM Financial.
  • Not only did she not make a down payment, she said she traded in a previous car on which she had fallen into negative equity.
  • Negative equity occurs when a driver owes more on their car loan than the vehicle is now worth. Sometimes, a dealer or lender can offer to roll the balance of an existing auto loan onto a new one, making it more expensive.
  • ‘Honestly, it blows my mind that I have paid $50,000 into this car and only paid off $10,000,’ Arnold said.
  • ‘The dealer pretty much told me they can get me out the door with the car within an hour. He didn’t act like it was something I should be concerned about,’ she said.
  • Auto loans are becoming a major source of strain for car-obsessed Americans and leaving an increasing number with runaway debt.
  • Last year, auto debt in the US reached a record-high $1.6 trillion, which comes out to an average of more than $13,000 per household.

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