Unfortunately, people often find themselves financially 'in over their head' with their car loan and other expenses. Bills start to go unpaid and debt starts to pile up. This is a serious situation that needs to be addressed and fixed immediately. There are things that you can do to help minimize the blow of your financial burdens.

Consider the suggestions below. If you would like to discuss your situation with Premier Auto Financing, feel free to contact us. We will help you to the best of our abilities.

Spend money on life's essentials only!
This will include purchasing food from the supermarket. Do not forget to use coupons when you shop! Also, try and avoid going out for dinners and lunches. Brown bag when you bring meals or snacks to work!

Essentials also include utilities. You need heat, water and electric to survive. Use all three sparingly! Keep temperatures moderate, not too hot or cold. Also, avoid excessive watering of lawns or general unneeded use of water.

Your place of residence is obviously an essential as well. Continue to pay your rent or mortgage on time.

Get your priorities in order!
It is going to be impossible to only spend money on the essentials listed above. So, what you need to do is determine what is important to you in life, what is needed in order to survive and what you can get by without.

Determine what you want to do with your car loan!
If the balance of your car loan is approximately what the value of the car is, you can do one of two things. Sell the car, pay off the loan and buy a less expensive car. Or, you can look to lower you monthly payments by refinancing. When you refinance to lower monthly payments, you increase the term, or length, of your auto loan, resulting in you paying more in interest over the entire life of the loan. Nobody wants to pay more than they have to, but a car is an important piece of almost everyone's life.

If you owe more on the car than the car is worth, you have a problem. Selling the car will mean that you will likely lose money. You can explore refinancing to lower your payments. However, you may have to sell your car and absorb the loss if you are really drowning in your debt.

**Please be aware that you may be able to continue to pay your auto loan if you make adjustments in the way you spend and how you deal with life's essentials, as listed above.

Do you have more debt in addition to your car loan? Get professional help!
If you have excessive unsecured debts, like credit cards, you should consider meeting with consumer credit counseling company, otherwise known as CCC. A CCC will analyze your situation and develop a plan for you and your family to follow that will help improve your financial situation.

Again, feel free to contact us if you have any questions.

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