July 20, 2018
Skip-A-Payment: Free Cash Flow with a Summertime Break from your Loan Payment
Q: Summer puts a strain on my budget because of extra expenses! I’ve been looking for a way to get through it without racking up a huge credit card bill. I’m considering skip-a-payment. What do I need to know?
- Many people fall out of the habit of making their monthly payments when they choose to skip just one payment. Remember: This is a one-month-only deal! Be sure to make your payments next month.
- The popularity of skip-a-payment plunged at the turn of the millennium. It is now offered almost exclusively by credit unions, with very few banks still offering it.
- If you feel like you could use skip-a-payment every month, you may be in financial trouble. Visit our Financial Education site for advice on money management, debt counseling, budgeting tips.
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