Most lenders are willing to work with you if they believe you're acting in good faith and the situation is temporary.Some lenders may reduce or suspend your payments for a short time.Lower My is a premier, free online service for consumers to compare low rates on monthly bills and reduce the cost of living.Lower My is the one-stop destination that offers savings through relationships with more than 500 service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance and wireless services.At that point, your creditors have given up on you.Federal law dictates how and when a debt collector may contact you: not before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls.
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Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level.
Don’t wait until your accounts have been turned over to a debt collector.
The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.
You can find information about budgeting and money management techniques online, at your public library, and in bookstores.
If you see default approaching, you may be better off selling the car yourself and paying off the debt: You'll avoid the added costs of repossession and a negative entry on your credit report.