so obviously there is a lot going on right now in the economy and some of
this has to do with the money that we're making the jobs that we have and at the
end of the day we might not be able to afford the loan payments that we have
but I just want to warn you that if you are gonna skip your payments or if
you've got emails and stuff like that there are a couple problems that I want
to go over in this video so that you're aware that if you skip a payment you
might have some consequences and so that's what this video is about because
if you've got a car loan or a mortgage and you end up getting an email from
those actual lenders to skip a payment then it might actually be something that
you can do without much consequence but you definitely want to be checking their
fine print and that's the first thing that I want to talk about you have to do
your research on exactly what you're doing so if it's coming from your lender
that's a good thing because they're gonna have everything written down for
you but if you're just going off of rumors in the news that you can skip
your mortgage or you could skip your rent I would definitely do your research
so that you don't have major consequences in the end and one of the
biggest problems that I'm seeing was skipping a loan payment is that a lot of
us think that you don't have to pay that back and in most instances you are gonna
have to pay that back you're either gonna have to do it on the back end
which is ideal or you might have to do it in just a few months but it all
depends on the fine print between you and your lender because they all have
different things that they're gonna go over and that's exactly what you have to
be paying attention to so for instance if you still have thirty four months on
your car loan that you owe and you decide to skip a payment through the
lender and if it's on the back end and this is a good thing because that means
that you just have thirty five months more to pay on because they're just
gonna push the loan back one month and that's not really a big deal because
you're not gonna see that for a really long time and that's what most of us
want to do you want to just skip a payment and have it go to the back end
and it's not really that big of a deal but I have heard horror stories about
lenders that want their money back within just a few months and this is a
huge problem because if you have a $400 car payment and you skip two of them
then on your third month they might actually want you to owe twelve hundred
bucks and that's probably not gonna happen because if you needed that money
you're gonna be using it for other things and you're not gonna be saving up
to $400 a month that you need to pay off your car so definitely check the fine
print do your research and make sure that you
are confident of exactly what's gonna happen if you're gonna skip a payment
and as a last resort if you can't find any information on skipping a payment
from your direct lender then I would call them or email them and have them
tell you exactly what's going to happen if you skip your payment because if you
can't find any information then at least you can call them and find out something
a little bit more now the other problem that I'm seeing with skipping your loan
payments is that some lenders are actually reporting this information to
the credit bureaus as a late payment and this is a big problem for your credit
score because it is a huge chunk of your credit score if you're having late
payments so definitely make sure that you do your research
find out what's gonna happen and if it is gonna affect your credit score now
obviously if you have no choice you got to do what you got to do but if you do
have a choice make sure that you're doing it smart and
make the right decisions on skipping a payment because your credit score is
actually a part of a whole bunch of different categories and each of those
categories has a different weight some of them are high impact some of them are
low impact and it just so happens that your payment history is the biggest
chunk of your entire credit score at 35 percent and if you make a late payment
it can actually stay on your credit score for 7 to 10 years
so definitely don't make a late payment unless you absolutely have to because 7
to 10 years is a really long time and it's affecting a very large chunk of
your credit score because it is high impact so at the end of the day if you
are gonna choose to skip a payment just make sure to do your research and find
out also if it's gonna affect your credit score because there are a lot of
lenders out there I've actually personally got a few emails I've done
the fine print I've checked everything from them and they are good deeds that
they're just doing for their customers so for instance my auto loan they
allowed me to skip a payment which I didn't choose to do that but if I did
choose to do it it was just gonna happen on the back end I might pay a little
more interest and they're not going to report it to the credit bureaus and
that's a good thing as well so all in all that was a win-win if I wanted to
skip that car payment and that's just what we want to do we want to do our
research make sure everything safe make sure it doesn't affect our credit score
now if you just happen to find this channel I'm Jason with honest
and I make a lot of videos on different topics that'll give your life and your
finances more value so if you do have an interest in that type of content feel
free to subscribe but thank you guys for watching this particular video have a
great day