I don’t know weather this is a funny story or a sad story. You’re going to have to decide for yourself.

Let me start by saying. I know I was stupid not to live within my means in the first place. So, no judgement. But recently, I did find myself in a situation where I had an unexpected bill to pay. And in light of having no friends or family that were in the position to lend me money (They don’t live in Miami). Before I knew it I was searching for places to get a car title loans near me.

I’m not proud of it, but sometimes, you’ve got to do what you’ve got to do. Anyway, I managed to take out one of these title loans against my (admittedly run down) car. I wasn’t in the right frame of mind at the time, to think too hard about keeping up with the repayments. I just needed the money quickly. It was an emergency.

A few months down the line, I found myself dealing with huge debts that I had no idea how to repay. Having not paid enough attention to the interest rates and repayment plan I wasn’t aware of how quickly my $2000 would escalate into an amount 4 times that high with a few missed and late payments.

I was worried about the repercussions of not paying back the money I owed so I told the company to just take my car. I would rather be left without a car than in more serious trouble. The title loans company near me that I got the loan from refused. Yep. Turns out they don’t want your car after all. They’d rather have the money, and my beat up drive wasn’t worth enough for them to be paid off with it.

So now, having had to make a deal with the lenders, I’m lumped with even worse rates than before and a more long-standing debt. Living in fear of being dragged through the courts.

Let this serve as a word of warning to anyone who thinks that the worst that can happen with a title loan is that they’ll lose their car and that will be the end of it.

Also in case you need I found a title loan place near me here: http://www.financeflamingo.com/, though I seriously recommend not getting into a situation where you need a title loan…