DebtDoc Bankruptcy News Blog

Monday, 18 February 2019 18:55

Late Car Payments?

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Liberty Street Economics recently reported that the overall performance of auto loan repayments has been slowly worsening over the last five years. The Federal Reserve Bank of New York’s 4th Quarter Household Debt and Credit report indicates that borrowers under the age of 30 years old seem to be under the most stress. This is the same age group that is hardest hit by the Student Loan crisis and shows substantial growth in percentage of distressed borrowers.

The Federal Reserve Bank’s report also indicates that auto loans held by borrowers over 30 have also been slowly creeping into delinquency. The number of consumers with auto loans creeping into delinquencies over 90+ days increased up to 2.4 percent. That is substantially above the low of 1.5 percent seen in 2012 after Subprime Crisis had run its course. In actual number of consumers, that translates to over 7 million Americans with auto loans that were 90 or more days delinquent at the end of 2018!

 

If you’re late on your car payments and struggling with overwhelming debt, call attorney Chris Bush, at 619 295‑3322. He is an experienced bankruptcy attorney and consumer debt advocate. He’ll help you find the best solution to your debt burden and get back you on a track to financial responsibility and freedom.

Read 485 times Last modified on Monday, 25 February 2019 20:26
Chris Bush

With over 12 years of experience and thousands of cases as a consumer bankruptcy attorney, Chris Bush is on the cutting edge of Bankruptcy and Student Loan Law. Chris can assist you in untangling the options to find the best solution for your specific debt relief case.

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Auto Loan Delinquency Rising

Late Car Payments?

The number of people 90 days late in car payments approaching peak levels since the subprime crisis of 2010.

If you’re late on your car payments, come in for a Chapter 13 consultation!

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I certainly made the right choice. DebtDoc's attorneys personally answered two of my phone calls and regularly answered my emails, even on one Sunday evening.

After 30 years of student loan "prison", he got me freedom AND he even got the US Dept. of Justice to dismiss 25% of my loans, which saved me $85K.

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Client Testimonial

To whom it may concern,
DebtDoc's attorneys are extremely knowledgeable with the complexities of Federal Student Loans.
I went from a thriving career to full medical disability, ending with an SSDI placement. Unfortunately, I lost everything and became unable to continue making the student loan payments, so it was in deferment for over five years. When the SSDI settled I tried to negotiate an affordable payment plan with the loan holders but they refused my efforts, instead demanding over twice the amount I could afford.
I contacted DebtDoc and found them to be courteous, responsive and quick to assess my situation. They were sure they could help and took time to answer all questions, which relieved much anxiety. Within months they successfully resolved the debt! With much confidence, I highly recommend DebtDoc.
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