Loans On Car Titles

I recently saw a commercial on television featuring a young woman coming out of a place of business and getting into her car with a huge smile on her face. She said. "I got the money I need and I get to keep the car, too." Well, yes, you do get to keep the car as long as you make the payments on the money you borrowed plus the interest imposed.

I see these businesses along the road that boast CAR TITLE LOANS. I think, who in their right mind would go and take a loan out on a car title when they are most likely already upside down on the car payment anyway, meaning that they owe more on the car than the car is worth. Don't these people realize that the business would not be in business if it did not make money? They are making money off of you. In today's world, in most places, except New York City, a car is needed to get to work and take care of many basic needs. Why risk your car? If you do not make the payments, they will come and take your car. And you will still have to repay any outstanding loan amount on the vehicle. Practice budeting and smart shopping instead.

If you truly have an emergency, find another source for the money you need. In my opinion, these car title loan businesses are the new "loan sharks". They feed off of your distress; they cripple and destroy; they will devour you.

Written by Sandy Davidson, The Debt Stopper Coach