SAN ANTONIO – (KTSA News) – The personal finance website WalletHub has done a study to find out which large American cities overspend when it comes to cars.
The study was based on car loan debt as a share of annual income. Turns out, San Antonio is a top auto over spender coming in at number 2 on the list. El Paso ranks number 1.
The median income in San Antonio is $37,286.
Compare that to the median auto-loan balance of $17,766. That puts the debt to income ratio at 48%.
Consumers having taken out another $27 billion in auto loan debt in the third quarter of 2018 alone.