We’re right in the thick of the holiday shopping season, and a few extra bucks sure would be welcome right now. Hey, here’s something from my car loan lender, offering me the opportunity to skip my car payment in December… Sounds tempting.
Many lenders make this offer each year to their borrowers and it’s an offer than appeals to many who might be a little strapped during the holiday season. Whether you should take the offer depends on your specific circumstances, though, and you should know the facts before you jump right in.
First of all, it’s important to understand that your lender isn’t making this offer out of simple generosity or the spirit of the season.…