Times are hard. Unemployment that was near record-low levels in January is now high, and though business is cranking up again, it is expected that many who had good, steady jobs before the pandemic have found themselves suddenly out of work. For others who have retained their jobs, their working hours have been cut drastically and their income is much lower than it was just a few months earlier.
These sudden shifts can have many consequences, and one very common consequence is that many people are finding it very difficult to make their car payments. Money that was available to pay those debts early in the year just isn’t there right now. And people certainly don’t want to lose their cars. A possible solution is a car loan modification.