When refinancing my house, I was able to slash my payments by a large amount considering my mortgage. Refinancing my home was a smart move financially. However, I have not been able to pass this savvy along to my son. In spite of my constant trying and nagging, he continually got himself into horrible financial situations that he was only able to solve with the type of lucky things that seem to happen to young adults when you are trying to teach them to be responsible. Once, he was behind in his notes by thousands of dollars. Without knowing the details, I simply refused to help him, but as luck would have it, he won a few thousand dollars on lottery scratch off ticket. This windfall gave him the audacity to trade that car in and get something everyone knew he could truly not afford.
When I asked him why he would take on a potentially lethal blow to his credit when he could not afford to pay the very large payments, he looked at me and directly said that if he got in trouble it would only be a matter of time before he won a few more thousand on lottery scratch off tickets. I was so absolutely astounded by his lack of personal responsibility that it was a few months before I could even muster the ability speak to him again. However, the occasion on which we spoke again was so he could explain how he could not pay his notes and that he was hiding the car so the company could not repossess it. So that my son was not arrested, I called the car company immediately to only find that his notes were not as far behind a he thought because his mother had paid some of his arrears in order to protect his credit rating.
With this information, I searched the Web to find him a refinancing company when I remembered the company that saved my sisters credit and car. The company was called Ignition Financial, and they allowed us to save our son’s only true possession, his okay credit score. Since then, he has made better decisions, but his friends, not so much. Just yesterday I heard him giving his friend the web address at http://www.ignitionfinancial.org/auto-loans. I hope his friend learns his lesson after Ignition Financial rescues him from a terrible financial future.