This is when you return the car to the lender because you can no longer make payments. It severely damages your credit score and does not relieve you of the debt; you will still owe the difference between the loan balance and what the car sells for at auction.
If your credit score is too low to qualify for a standard balance transfer card, a secured card (requiring a cash deposit) can be a tool to rebuild credit. However, it is not typically used for debt consolidation due to low limits and fees.
This is the percentage of your available credit you are using. It is a major factor in your credit score. A ratio above 30% hurts your score, and maxing out cards (100% utilization) causes severe damage.
Ask the company to provide a detailed written explanation of all fees, the estimated timeline, the potential negative consequences to your credit and legal standing, and their success rate for cases similar to yours. Never agree to anything without this disclosure.
Apps like Mint, YNAB (You Need A Budget), or Undebt.it can track spending, organize debts, and illustrate progress. They provide visibility and motivation, helping you stick to your repayment plan.