Sneak Peek of FinCap Friday: Tim and Yanely wonder if the car loan bubble is on the verge of popping
In this week's episode of FinCap Friday: Repossessions on the Rise, Yanely shares the meaning of an "underwater" car loan and shares an example. According to Fitch Ratings, more Americans are falling behind on their car payments after a sharp decline in the midst of the pandemic when a surge in used car prices and low-interest rates on new cars had buyers taking out bigger loans. Now, experts are expressing concern because of inflation, high gas, and job cuts. Find out more about the dilemma of car debt piling up in the quick chat below:
REMINDER: Today is the deadline for Round 2 of NGPF's FinCap Friday Frenzy Contest!!!
By simply playing FinCap Friday today, your class can enter for a chance to have a virtual guest visit from Yanely, the host of FinCap Friday, plus win a classroom set of her new book, Mind Your Money - and we'll even throw in a class pizza party!
About the Authors
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
Born and raised by Dominican, immigrant parents in Brooklyn, Yanely is a proud product of NYC public schools. She graduated from Fiorello H. LaGuardia High School in 2007 before going on to receive her bachelor's degree at Brown University in 2011. As a Teach For America corps member, Yanely taught third and fourth grade in Canarsie, Brooklyn. She received her master's degree from Relay Graduate School of Education in 2013. She spends her spare time making YouTube videos about personal finance on her channel, MissBeHelpful. Yanely also loves to dance, sew, paint, listen to podcasts, and babysit her 10 nieces and nephews!
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