Is your pick-up truck holding you back from retirement?

Posted by Ben Carlson

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The Wall Street Journal recently shared the story of a couple who is struggling because the pandemic has upended their income and job situation. To make matters worse, they’re dealing with a massive amount of consumer debt:

The Denton, Texas, couple pay $4,400 a month on their mortgage, four car loans and leases, and student debt, Ms. Scott-White said. Minimum required monthly credit-card payments total about $700. The debt was manageable pre-pandemic, she said.

She deferred lease payments on her Infiniti QX60 for three months and started paying again with unemployment benefits. Her husband traded in his Ford F-150 in August for a lower-cost car and reduced his original monthly payment of $820 by about $100, and his income covers the $2,100 mortgage.

The Ford F-150 payment stuck out to me for a couple of reasons. Maybe it’s because I live in Michigan but I see Ford trucks all over the roads. And a monthly outlay of $820 is quite high for a car payment, especially when you consider this family has credit card debt and three other car loans or leases.

After doing some digging, it’s no surprise I see so many Ford F-Series trucks on the road. It’s been the best selling vehicle in the United States for 39 straight years (and it looks like 2020 will make it 40 in a row).

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