Many lenders will allow you to “skip a payment.” Your credit card company, after the Christmas season, may allow you to skip a payment. Your mortgage company probably also has a skip a payment option. Even your car lender will usually allow you to miss one payment without penalty.
Our advice: don’t do it unless it’s absolutely necessary.
Skipping a payment may make it appear that you are saving money, but in fact it’s the exact opposite. Skipping a payment simply means that you didn’t make a payment, so you are now paying more interest on the payment you didn’t make. That will cost you more, and take you longer to repay your debt.
So, unless absolutely necessary, don’t be tempted to skip a payment.
