Car debt is piling up as more Americans owe thousands more than vehicles are worth
Shawna Ballou, a 45-year-old mother of five from Tacoma, Washington, feels “trapped” in her Ford Escape. Four years ago, she traded in a Chevy Malibu and bought a six-year-old Escape for around $16,000. After including the negative equity on her trade, taxes and other fees, she financed more than $25,000 and is paying it off over seven years. (BLOOMBERG)
