An explosion in auto debt threatens consumer finances

Though we are in the car industry, we feel compelled to let our customers and future customers, here on Guam, know about this troublesome issue. We see it too often, salespeople congratulating their customers, on their $40,000 even $50,000 or more, purchase of a brand new "cherry" pick up truck, knowing that they have NO way in paying it off and damaging their credit for a long time to come as a result. Sharing the wisdom of billionarie Mr. Warren Buffett, he says:

"Since cars tend to depreciate quickly, it can be better for your finances if you try to keep your well-working car for as long as possible — or at least opt to buy a used car instead of new."

Read article below: https://www.cnbc.com/…/explosion-in-auto-debt-threatens-con…