The Impact of A Repossession

I know how hard it is to get by... just getting through to the next pay day, sometimes we feel really stretched. What happens when your car has issues, and it's the shop (AGAIN!!!) and now you are making repairs and car payments. I know many people, unfortunately due to lack of savings and a cash emergency fund, have to forfeit making their car payment to pay for repairs. After all, what good is paying for a car you can't drive? Well, it has a terrible impact on your credit. Listen in how a late payment becomes a collection, becomes a repossession becomes a charge off or potentially a lien against you. It has some devastating effects, so do whatever you can to avoid being in this terrible situation. Kristi gives some tips to avoid the trap that we often find ourselves in when it comes to our cars.