Debt relief requires focus and effort
San Diego, CA - Los Angeles, CA - San fransisco, CA - Fresno, CA - Bakersfield, CA. (PRWEB) January 20, 2018
On a monthly basis, Titleloans2u.com receives numerous questions regarding the safest way to go about getting out of a title loan. It has become that borrowers aren't aware of the risk they endure by using their car titles' as collateral against a loan. According to the Department of Business Oversight, California lending grew over 936% in the last 6 years. Amongst these loans were small business loans and more aggressive consumer loans. High interest rate, consumer loans above $2,500 grew by 21% in 2016 alone. The principal amount lended grew to 41.3 billion. Loans secured by a title decreased in 2016 by 7.2 but the aggregate principal amount borrowed increased by 2.2% to 433.2 million dollars. Due to no interest rate cap on loans above $2,500, the bulk of loans were between $2,500-$5,000 and more than half of them had rates above 100%. Most of these loans with APR's above 100% leave borrowers in a seemingly never ending debt cycle. Borrowers need to understand that there are ways to escape from underneath these tremendous debt burdens without filing for bankruptcy. Car title loans provide the borrower with the opportunity to borrow a large sum of cash, grant it the vehicle qualifies and most debtors convince themselves that they will payoff the loan in a short period of time and thus, not be exposed to such large interest. In most cases this doesn't happen and borrowers end up making minimum payments for the full term. Borrowers need to be sure they are exploring every option to decrease their debts and relieve themselves from underneath car title loans. Debt relief requires focus and effort. A terrific source that has spent endless hours researching is the following blog, How to get out of a title loan.