Serious auto loan delinquency up in the U.S.

On behalf of The Rollins Law Firm posted in Debt Relief on Wednesday, February 10, 2016.

As with any type of financial struggle, auto loan debt struggles can vary in degree. Some difficulties are relatively minor and just cause small hiccups when it comes to ability to keep up with payments. Others are major struggles that result in a person falling significantly behind on their payments. Struggle severity is among the things that can impact what the best debt relief strategy would be for a person who is experiencing difficulties with their auto loans. Skilled bankruptcy lawyers can look into the various details of a person's debt situation, including the severity of their debt struggles, and provide them with an assessment of what debt relief methods might be a good fit for them.

Recent statistics indicate that an increasing number of Americans are falling significantly behind on their auto loans.

The statistics are from Experian Automotive and regard auto loan delinquency rates in the U.S. in 2015's final quarter. They indicate that, in that quarter, the rate of individuals behind 60 days or more on their auto loan payments was 0.77 percent. This rate was only 0.72 percent in 2014's fourth quarter.

Meanwhile, there was actually a drop in the rate of 30-day delinquency for auto loans. Why do you think serious auto loan delinquency is on the increase in the United States while lower types of auto loan delinquency are not?

Also, according to the statistics, Mississippi was among the states with the largest 60-day delinquency rates for auto loans.

One wonders if, this year, serious delinquency rates for auto loans in the U.S. will continue to go up and Mississippi will continue to have a particularly high such rate.

Source: USA Today, "More drivers falling behind on their car payments," Chris Woodyard, Feb. 10, 2016

Client Reviews
★★★★★
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there. - Lashay H.
★★★★★
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete. - Vinester Smith.
★★★★★
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone - Bryan Aust.
★★★★★
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles. - Mike Zegelien.