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How a car title loan may affect your finances

You have likely seen ads for car title loan companies on television. Or perhaps you have heard them playing at numerous commercial breaks when you listen to the radio. Or perhaps their advertisements invade your attempts to search for anything on the Internet. Car title loan companies advertise widely. But these companies are most eager to find individuals whose challenging financial situation makes their pitch particularly appealing.

If you are struggling mightily with your finances, please consult an experienced attorney who can discuss various debt relief options with you. Please avoid car title loan companies unless you have spoken with an attorney first. Because at the end of the day, you will likely be able to keep your car in bankruptcy but you may have your car repossessed if your finances become a mess as a result of a car title loan gone bad.

The executive director of the non-profit Virginia Poverty Law Center recently explained to AARP why car title loans are “absolutely the wrong way to deal with a short-term financial problem.” He explained his characterization further by noting that, “A loan is when you have the ability to repay. But car title lenders don't even assess that. So that's called loan sharking. And loan sharking means tricking someone into a debt cycle that they can't get out of. The lender just wants you to keep paying interest.”

A car title loan often creates a snowball effect of personal debt. Please, if you are thinking about taking out one of these loans, think twice and call an experienced attorney instead.

Source: AARP, “Car Title Loans May Wreck Your Finances,” Lynnette Khalfani-Cox, Jan. 17, 2014

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