Dangers of skipping loan payments around the holidays

Some lenders allow customers to skip a payment once a year – and the offers roll in especially around the holidays.  If you are skipping a payment to spend money that you really cannot afford, this may be a poor choice on your part.  However, if you are in a bind it is better to take advantage of the skip payment rather than not make a payment at all.  The problem arises when you skip a payment on a very high interest, low monthly payment loan as that one skipped payment could add more than a year and hundreds of dollars in interest to your balance.

For more read, “Beware offers to skip loan payment at holidays.”