How Not to Waste Money This Holiday Season

I went to the mailbox last week and received this from Harris Bank, the title holder on my wife’s car:

(Click for Larger Image)

After reviewing this I thought, what a great deal. I can skip her car payment for this month and save $149 with no penalty. Oh wait, they want to charge me a $40 processing fee. Even better down at the bottom “Additional Interest will accrue as a result”. The more interesting piece to all of this is that there are only 3 payments left on this loan, so why would I just add more interest and a $40 processing fee!?!?!?! After everything I would only be not having to pay around $95 for this month and losing the rest.

I am curious how many people fall victim to scams like these. My advice is to always just pay according to the original terms of the contract. I am always leery doing things like this since you really don’t know what the full effect is going to be until you get your next statement, unless you are good at calculating interest.

If you really need $150 extra this month, don’t skip a car payment and pay a ridiculous amount of interest! Check out my Free Money Posts and get it the easy way!!!

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