New numbers from the Federal Reserve show more and more people are defaulting on their auto loan and credit card debts.
by Andrew FreemanNew numbers from the Federal Reserve show more and more people are defaulting on their auto loan and credit card debts, with Texans having the fourth highest rate in the country.New numbers from the Federal Reserve show more and more people are defaulting on their auto loan and credit card debts, with Texans having one of the highest rates in the country.
Falling more than 30 days behind on your credit or auto loan payments also has far-reaching impacts on an individual. Springerley says he's been getting more calls about people wondering if declaring bankruptcy is right for them, which he says could be a valid option in some cases. "Pick the lowest balance, get that one out of the way first, and then double up as much as you can on the next lowest balance and kind of use that domino effect to give you encouragement to get out of debt," Springerley said."Maybe a part-time job for a while, maybe doing some online sales or renting out of room if you have an extra room in your home..." Springerley said.
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