Millions of people failing to pay car loans on time

Posted on Monday, December 5th, 2016 at 8:47 pm    

Recent data from the New York Federal Reserve revealed approximately six million people in the U.S. were failing to settle their car loans on time. Many of the same people have poor credit scores, an article of CNN reported on December 1.

According to reports, the New York Fed’s Center for Microeconomic Data found that many subprime car loan borrowers are 90 days behind on their loans, calling it a “significant concern.” Delinquent borrowers have increased dramatically because many people were given a chance at car loans even though lenders knew for a fact it would be difficult for them to make payments.

The bankruptcy attorneys of the Bradford Law Offices, PLLC understand that many people in Fayetteville struggle to pay their car loans due to financial problems. If you are struggling with your debt, we may be able to offer you legal advice to help you address your situation. Call us today at (919) 758-8879 to find out how we may represent you.