Americans may not be happy with many insurance companies on Wall Street, but consumers are now taking matters into their own hands in an ironic twist of fate. The Wall Street Journal reported that more and more vehicles are being burned, “stolen”, and ditched in apparent schemes by owners to get insurance payouts and avoid hurting their credit ratings.

Authorities are reporting a growing number of cars dumped in the Great Lakes, burned along remote New Jersey roads, and driven into canals in California. However, the trend is most apparent in areas like Las Vegas, where thousands of workers are unemployed after a sharp decline in tourism and construction. One detective in the city reported four cars burned or wrecked in just 24-hours.

What are the alternatives? A good start is to call up your auto loan provider and try and work out an agreement to make lower payments. Often times, lenders will be very willing to negotiate lower payments if they feel that their loan is at risk of default. Another alternative may be to try and refinance the loan with a lower interest rate from a credit union or other financial institution.

In the end, consumers that turn to fraud to get ahead in life only complicate their problems. Instead of simply facing financial problems, they risk facing legal problems as well. Losing money is one thing, but losing freedom can be much worse…