Unfortunately in the U.S. people are encouraged to live way beyond their means. Instant gratification is mandatory. There is no reason to wait until you earn enough money when you can get instant credit with a 29% APR. Anything less than being in excessive debt is un-American. If you don't own a 5,000 SF home with 4+ new cars in the driveway then you're not keeping up with the Jones. (sic).
I'd reword the story's closing sentence of "The substantial and growing number of distressed borrowers suggests that not all Americans have benefitted from the strong labor market and warrants continued monitoring and analysis of this sector." to instead read:
"The substantial and growing number of distressed borrowers suggests that an increasing number of Americans are driving cars they cannot afford".
I wonder if Lease payment performance is tracked as well? Leasing comprises nearly a third of U.S. transactions now?