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.
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