Don’t Accept The Opportunity To Skip A Debt Payment

If you’re feeling overwhelmed as you struggle to dig yourself out of debt, don’t give up! Progress on such a large task is made up of very small steps!

While feeling overwhelmed, however, it’s easy to feel like you’re never able to catch your breath or “catch up”. Finance companies know how hard it is to dig yourself out of the debt hole, and they’re hoping you won’t succeed. They also realize that you’re probably overburdened, and that you may not make intelligent decisions in your current state of mind. So what do they do? They offer you a variety of “quick fix” options that might confuse you or force you to stray from you real goal.

We’ve all received the blank check from the credit card companies, especially around the holidays. One other tactic is for banks to offer you the chance to skip one months’ payment. For example, your bank might send you a notice once a year that would allow you to skip your next months’ payment for a small “fee”. Don’t be deceived by this trick! This offer is a rip-off! Your interest will continue to accrue, and the “fee” is simply more profit for the bank.

I understand how hard it can be to tackle your debts, especially large debts that may take several years to pay off. Taking a month “breather” may seem like a good idea, but the fact is that with the interest meter running you’re either moving toward your goal or you’re moving away from it. It’s better to find a different way to earn more money or cut back on your current spending rather than accept these offers and then have to dig your way out of even more debt.

Image Credit: Omar Omar

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