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The real cost of missing a payment on a bill and the impact that that could have on your credit score

October 10, 2017

 

Today, we're going to talk about the real cost of missing a payment on a bill and the impact that that could have on your credit report, next on Good Steward Living TV.

                                                     

A lot of people miss payments and never fully understand the implications of that. What are the costs that happens when you miss a payment and you're 30, 60, or 90 days late? If you miss a payment, whether you decide to do it or something happens in life that prevents you from doing it, the cost can be significant. Here are some of the ways missing a payment on a bill can affect you in a negative way.

 

 

                                                     

The first way is having a 30-day delinquency on your credit report can drop your credit score by 70 points or more.

                                                     

The second way is that can increase your cost for auto loans by thousands of dollars.

                                                     

The third way is it can make it far more difficult for you to find an apartment.

                                                     

The fourth way is getting a mortgage and the new home you want can become far more expensive than you imagined.

                                                     

If you miss a payment for any reason, returning from vacation, family tragedy, moving to a new location, if it is in your control, make sure you never miss a payment. The cost of a simple mistake can be far greater than you ever thought.

                                                     

If you have a question for Good Steward Living TV, we'd love to answer it. Just use the #AskGoodSteward, and if you can relate to what we've talked about today, leave a comment below and let me know. Once you're there, don't leave before you subscribe and become one of our Good Steward Living insiders. You'll get instant access to a free gift that I've created just for my insiders, and I know you'll enjoy it. You're also going to get some exclusive content, special giveaways, and some personal updates from me that I don't share with anyone else. Decide today that you will be a Good Steward over your money and make empowered choices, and not only help your family, but also your children's children. 

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