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In most of the country, owning a car is all but required. And we're paying for it—to the tune of $1.2 trillion. This is putting the financial well-being of millions of Americans at risk, and Iowa PIRG and our national network are calling for change.
On May 1, Policy Analyst R.J. Cross testified before the House Financial Services Committee, sharing the findings of U.S. PIRG Education Fund's "Driving Into Debt" report.
"Americans currently owe more for our cars than we have at any point in history," R.J. testified. "[and] delinquencies are rising ... in large part due to ... abusive and deceptive tactics that target borrowers with the most to lose. I think we can all agree that American consumers deserve better."
Iowa PIRG is calling on Congress to strengthen consumer protections for auto borrowers and expand transportation options—because we shouldn't face crippling debt or abusive practices in the marketplace to secure the transportation we need.
Photo: Policy Analyst R.J. Cross testifying before the House Financial Services Committee in May 2019. Photo Credit: CSPAN
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