Can I Consolidate My Car Loan In A Debt Consolidation Program?
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Can I include my car loan into a debt consolidation program? If so can I keep my car
If I include my car loan in a debt consolidation program, will I be able to keep my car?
No, you can not consolidate an auto loan into a debt consolidation program. Debt consolidation programs are tailored for unsecured debt, such as credit cards and personal loans. Your auto loan is secured by your vehicle. However, if your auto has been repossessed, sold in an auctioned, and you receive a deficiency balance then you may be able to enroll that debt into a debt settlement program.
To learn more please visit our debt consolidation page.
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Best,
Bill
www.bills.com/blog
Debt statistics
Mortgages, credit cards, student loans, personal loans, and auto loans are common types of debts. According to the NY Federal Reserve total household debt as of Q4 2023 was $17.503 trillion. Housing debt totaled $12.612 trillion and non-housing debt was $4.891 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 10% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Each state has its rate of delinquency and share of debts in collections. For example, in Michigan credit card delinquency rate was 3%, and the median credit card debt was $374.
While many households can comfortably pay off their debt, it is clear that many people are struggling with debt. Make sure that you analyze your situation and find the best debt payoff solutions to match your situation.
