Drivers falling behind on car payments have reached the highest level in 30 years. High car prices and high interest rates have been driving many borrowers deep in debt.The Federal Reserve of New York reports nearly 5% of Texans are more than three months behind on car payments.
SUGGESTED: Capital One & Khan Academy offer free financial literacy educationHe says borrowers can also consider a voluntary repossession."If it goes to a full repossession, that financial institution is trying to get reparations for the cost, the legal cost to file that. A voluntary repossession, while still damaging on the credit, still allows for a more amicable separation," Manthei explained.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: