Are You OverExtended?

Are you managing your debt, or is it managing you? Practical guidance for managing personal debt and credit.

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  • Spending more than paying off
  • Trouble paying bills
  • Buying without down payments
  • Maxed out credit lines
  • Retirement not properly funded
  • No payoff strategy
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Recent Articles

Your 40s Are the Best Time to Fix Your Credit for the Long Haul
40s

Your 40s Are the Best Time to Fix Your Credit for the Long Haul

Your 40s are often a busy decade. You may be earning more than you did in your 20s and 30s, but you may also be juggling a mortgage, car payments...

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What Happens If a Debt Collector Sues You
Debt Collection

What Happens If a Debt Collector Sues You

If you owe money and stop paying, a debt collector may eventually take you to court. This is one of the most serious steps in the collection process...

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The Monthly Credit Report Checkup: A Simple Prevention Habit
Credit Report Monitoring

The Monthly Credit Report Checkup: A Simple Prevention Habit

Credit reports are not just a record of the past. They are working documents that lenders, landlords, and other businesses use to make decisions...

today Read More
How to Improve Your Debt-to-Income Ratio Before Applying for a Loan
Debt-To-Income Ratio

How to Improve Your Debt-to-Income Ratio Before Applying for a Loan

Your debt-to-income ratio is one of the most important numbers lenders use to decide whether to approve you for a loan. It compares how much you owe...

1 day ago Read More

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Video

Consumer Credit Tips

Each video breaks down one practical way to get out from under debt and stay there — straightforward advice on credit, budgeting, and the habits that keep you from getting overextended again.

FAQ

Frequently Asked Questions

You must dispute it directly with the credit bureau (Equifax, Experian, or TransUnion) that is reporting the error and with the company that provided the information (the lender or collector). Submit your dispute in writing and include any supporting documentation.

If you cannot qualify for a lower rate on your own, asking a trusted individual with excellent credit to co-sign can help. However, this is extremely risky for the co-signer, who becomes legally responsible for the debt if you fail to pay, potentially damaging their credit and your relationship.

It leads to high credit utilization ratios, missed payments, defaults, and accounts being sent to collections—all of which are negative marks reported to credit bureaus and can remain on your report for up to seven years.

Contact your creditor immediately. Many have hardship programs that may temporarily lower your interest rate or minimum payment. Ignoring the problem leads to late fees, penalty APRs, and severe damage to your credit report.

First, contact your lender to ask about hardship programs or payment deferral options. If that fails, consider selling the car privately (if you can cover the loan balance) or trading it in for a far less expensive vehicle.