If you have a high car payment and struggle to keep up with payments, what is the best option?

Selling the car can be a wise decision if you are facing difficulties with high car payments. This option often provides immediate financial relief and can help eliminate the monthly payment burden that is causing stress. By selling the car, you can potentially pay off the existing loan or at least reduce the outstanding balance, which can lead to a more manageable financial situation.

In many cases, people find that they can downgrade to a more affordable vehicle, or even switch to alternative transportation methods like public transit or carpooling, which can significantly reduce monthly expenses. This strategic decision can help free up cash flow, allowing for better financial stability and enabling you to focus on other more pressing financial commitments.

The other options may not address the root problem of the high payments effectively. For instance, refinancing the loan might lower the payment temporarily but could prolong the debt. Keeping the car simply postpones the issue, and borrowing money from a friend might lead to potential strain in that relationship while not necessarily solving the financial issue at hand.