Wed September 1, 2010
R.I. tops northeast in late car payments
By Catherine Welch
Providence, R.I. – Rhode Island leads the northeast in the number of residents delinquent on their car payments.
That's according to TransUnion, a group that tracks consumer spending. It found Rhode Island ranked 7th in the nation for the number of car owners more than 60-days late with a payment.
Trans Uninion's Vice-President of Automotive Finance, Pete Turek says one factor is Rhode Island's size, the other is its high unemployment rate.
"When we look at the data nationally,there's a seasonality to it, it goes down then comes back up during the 3rd and 4th quarters," says Turek. "But for particularly Rhode Island, it looks like the unemployment factor is impacting that statistic the most."
Rhode Islanders owe, on average,roughly $12,200 on their vehicles. That's below the national average.