More borrowers with shaky credit are falling months behind on their subprime auto loans, a potential sign of cracks emerging in consumer credit. Subprime auto loans had been a surprisingly strong corner of household debt in the past two years of the pandemic, helped by temporary aid from Washington.
But early indicators now point to a tougher road ahead, especially for low-wage earners. In February, the delinquency rate for subprime auto loans more than 60 days past due rose to 4.15%, the highest since April 2020.
Google and Spotify say a future version of the Spotify app will allow users to sign up inside the app to pay Spotify directly for a subscription.
The move is the most significant concession so far from a major mobile app store to allow third-party billing systems inside apps, which has become a major focus for regulators around the world.
