Defaulting on a Loan Can Have Serious Consequences, but You Have Options to Avoid Default. Here’s How to Take Action
February 3, 2022
Although missing or being late on a payment for your loan can have serious consequences, “lenders are willing to work with people, so you shouldn’t be afraid to reach out,” says April-Lewis Parks, Financial Education Director for Consolidated Credit. “As soon as you miss or are late on a payment, your loan is considered delinquent.” Explaining your situation to your lender, in most cases, will allow you to negotiate a payment plan to get back on track.
Read full article