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More Americans Are Falling Behind on Car Payments, VantageScore Report Shows
(www.investopedia.com)
To anyone behind on a car payment and renting, this is the first step in a vicious cycle of a financial doom loop (of which I'm currently going through)
I voluntarily surrendered my car two years ago and the remaining balance was handed to a collector as a charge off. This was largely in part due to my previous job slashing hours and barely paying me anything to cover bills let alone rent.
The charge off now winds up in your credit report for years (even if it's paid in full or partial settlement like I have done) and because of that future properties won't even touch your application with a 60 foot articulated bus.
So the ruling class puts you in a bind, then punishes you for that bind. The absolute cruelty of their mechanisms.