January 31, 2008 (LPAC)--At a national level, every year U.S. consumers borrow $575 billion to buy automobiles. In 2007, the number of bankrupt borrowers increased by 30% in the U.S. This aspect of the crashing economy was covered today by France's Le Figaro, under the headline, "After the home foreclosures, foreclosures on automobiles."

In order to make up for losses, automobile companies are now going with seven-year loans covering up to 125% of the car prices. Right now, says Le Figaro, the average debt of U.S. car owners is $4,221 above the value of their cars.