On Your Side: The ‘skip a payment’ option

Published: Dec. 8, 2022 at 6:01 PM CST|Updated: Dec. 8, 2022 at 6:10 PM CST
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SPRINGFIELD, Mo. (KY3) - It’s the most wonderful and expensive time of the year. If one of your lenders offers the ‘skip a payment’ option, should you do it?

On Your Side can help you decide.

You could pocket a few hundred dollars for property taxes or gifts. Money experts say just know the rules.

“If you want to skip your $300 car payment, I would say yeah, that’s great,” said Shawn Gallagher with Piatchek & Associates. “Just understand that on the back end, when you get that final car payment, it might be higher than if you would have just made your regular car payment.”

Here are a few things to consider from On Your Side about skipping a payment.

1. Know if you qualify

If you’ve missed a payment or paid late a few times, you might not qualify.

2. Ask if there’s a fee

Chances are you’ll still owe something this month. There could be a fee to skip. Or you must pay the interest instead of the payment.

3. Examine your options

What if you just asked to pay your full bill a few days late or changed the billing cycle? It never hurts to ask, especially if you have a good payment history. The same goes for your power, trash, and phone bill. One phone call can go a long way. Be honest about your situation and ask to make a payment plan.

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