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More Americans Are 90 Days Late on Their Car Payment Than Ever Before

There may be new evidence that a strong job market does not necessarily lead to financial freedom for individuals.  Over 7 million Americans are at least 90 days behind on their car payment.  A car is a necessity for most people and the idea of losing it to repossession is enough to keep them awake at night.  What can these individuals do to get back on track?

Who Is Struggling with Car Payments?

According to a recent article in the Washington Post, the majority of the people that are 3 months behind on their payments are under the age of 30.  They have low credit scores and they are finding it difficult to pay their monthly student loan bills.  A large portion of these borrowers are “subprime” meaning their credit score is under 620.  Most of the borrowers that are more than 90 days late on their payments received their loans from a “car finance” company as opposed to a traditional credit union or bank.  Less than 1% of borrowers from credit unions are 90 days late on payments.

Two Ways To Prevent Foreclosure

Foreclosure is your mortgage lender’s way to take back your house if you become delinquent on your mortgage note. Some lenders act more quickly than others, while some take a while to start the foreclosure process. In either case, you need to know that there are things you can to

How Does Bankruptcy Affect Credit?

If you are having a hard time paying the bills and are behind on certain things, chances are your credit score has taken a hit. Your credit score is what lenders rely upon when making loans, and a higher score usually results in being offered more favorable lending terms. The

Can I Buy A New Car If I File For Bankruptcy?

Houses and cars are the two biggest purchases most of us make during our lifetimes. A lot of research goes into making either of these purchases, and both can be life changing. When you buy a new home you are making the decision to plant roots, and maybe raise a

Three Ways To Plan For A Financial Emergency

If you don’t have a good plan in place, chances are things you need or want will not come easily. This is true for most everything, from planning a vacation to enrolling in school, to going on a job interview. All of those things require careful planning, but no other