I Can’t Afford My Car Payments. What Can I Do? – Jason

Steve RhodeBy Steve Rhode
Ask me your question.		Click on the star rating below to rate this article.

 

Jason wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

I purchased a car about two years ago, due to the recent drop in the economy my job has been made pretty much obsolete and now i can afford to make the payments, is there anything i can do asap to fix the situation ?

What can i do to fix this problem so i don’t lose my car, and damage my credit?

Jason”

Dear Jason,

You could attempt to refinance the car and extend the loan out for a longer period of time. This would lower the monthly payment but in the end you would wind up paying much more for the car.

Refinancing will depend on the year of the car and your current credit. You can search online for car refinancing companies.

The bottom line might be that now you’ve had a reduction in income you simply might now be able to afford the car or payment. in that case the worst situation is that the car is repossessed by the lender. That will result in a huge bill to you once the car is sold at public auction.

Last ditch effort would be for you to talk to the current lender and see what options might be available to modify your payment.

Big hug.

Steve
@GetOutOfDebtGuy


Source: I Can’t Afford My Car Payments. What Can I Do? – Jason

Other Related Articles to Read

If you enjoyed this article and would like to be notified when new similar articles are posted, you can have them delivered right to your e-mail inbox or to your blog reader absolutely free.

Enter your email address:

Tags: , , , , ,
What do you think this person should do? Do you have a message of encouragement or support you'd like to leave? Leave you comments and advice below.

Comments

No comments yet.

Leave a comment

(required)

(required but not published)


CommentLuv Enabled

Subscribe without commenting

 


Do You Have a Get Out of Debt Question You Want to Ask?

I'm happy to answer any question you have about how to get out of debt, as honestly as possible by sharing with you my experience and truth that I learned from helping thousands of people to get out of debt. Don't be shy, if you need help, ask now, click here.

And if you want to follow the latest questions and answers, just subscribe to my site RSS feed or get the email newsletter for free.