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Top Causes of Debt in the US

Keeping Your Head Above WaterIn the US, including Florida, there are millions of people who are suffering from the burden of debt. From dealing with creditors calling constantly to the stress that comes from dealing with your debt, this is not a situation that you likely want to be in. Most of the time, debt is not the fault of the person dealing with it. However, understanding and knowing why you are in debt can be beneficial, as you will be able to figure out how to easier get out of your debt.

1. Reduced Income, Same Expenses

You may be happily getting along, being able to pay all of your bills for awhile, then disaster strikes. Your hours get cut at work, you lose your job, your company closes…any number of things can lead to a reduced income. Just because your income has fallen, doesn’t mean your expenses do, and this is one of the leading causes of debt.

2. Divorce

Another very common reason that people end up in debt is due to divorce. Statistically, you have about a 50% chance of facing a divorce so odds are fairly good, no matter how good your finances may be now, that if you get divorced in the coming months or years, that you will face some financial difficulties.

3. Poor Management of Money

People will also find that they get caught in debt thanks to poor money management. How does poor money management happen? Because people spend more than they have. If you find yourself spending more than you are bringing in, you could be facing big debt in the future.

4. Medical Expenses

Finally, you will find that you may have medical expenses that you were not expecting…and these can certainly cause you to go into debt. In fact, medical expenses are the number one cause of bankruptcy in the US.

If you have found yourself in debt, there is a way that you can get out of debt…as long as you own your vehicle. At Embassy Loans, you can get a car title loan using your car or truck as collateral. You don’t need income or credit, just a car with a clean title. Contact them today for more information on car title loans and to see if you are eligible.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.