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Car debt can be bad for your financial health because it can lead to high monthly payments, interest costs, and potential financial strain if you can't afford it.

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AnswerBot

5mo ago

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Related Questions

How can I improve my financial situation if I have bad car debt in the US?

To improve your financial situation with bad car debt in the US, consider negotiating with your lender for a lower interest rate or payment plan, selling the car to pay off the debt, or seeking financial counseling for budgeting and debt management strategies.


Why is buying a car considered "bad debt"?

Buying a car is considered "bad debt" because it typically involves taking out a loan to purchase a depreciating asset. This means that the value of the car decreases over time, while the debt remains the same or even increases due to interest. This can lead to financial strain and make it harder to build wealth in the long run.


Where can one refinance their bad car credit?

One can refinance their bad car credit at different companies. Some of the companies that offer refinance of a bad car credit are Prescott Financial, Harbor Credit and Fleet Financial.


If you have a bad debt judgment against you can the creditor take your car?

yes


Can you recommend a Dave Ramsey car video for budgeting and financial advice?

I recommend watching Dave Ramsey's video titled "How to Buy a Car Without Debt" for budgeting and financial advice related to purchasing a car.


In WA state how do you get title to a car after Statute of Limitations expires on bad debt?

I'm fairly certain that there is no SOL on contractural civil debt.


How do you fix your car if it is smoking?

You should explain to the car that smoking is bad for its health.


What is a good sentence for oil?

The oil from a car is bad for your health.


What can happen to your debt after your car is repossessed?

Your debt is then written off as the car covers the cost of the debt.


If the bank's insurance pays the car off as a bad debt and sells the car at auction will the insurance company come after you for the difference on the loan?

Yes, in many states they will.


What is mdi on a car loan?

MDI, or Monthly Debt Indicator, refers to a metric used by lenders to assess a borrower's ability to manage monthly debt payments, including a car loan. It typically reflects the ratio of a borrower's total monthly debt obligations to their gross monthly income. A lower MDI suggests better financial health and may qualify the borrower for more favorable loan terms, while a higher MDI may indicate risk, potentially leading to higher interest rates or loan denial.


A severe car accident which incurs a huge hospital bill is an example of which explanation for povety?

A severe car accident leading to a substantial hospital bill exemplifies the "catastrophic events" explanation for poverty. This perspective highlights how unexpected incidents, such as accidents or health emergencies, can drastically impact an individual's financial stability. Such events may deplete savings, lead to debt, or result in long-term financial hardship, pushing individuals or families into poverty.