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Life happens and sometimes you can fall behind on your bills and fall behind on your mortgage payment, either by accident or circumstance. So, what happens when your mortgage payment is late? The answer may vary from person to person depending on your financial history, the rules of your specific mortgage, and how late your payment is. The Typical Schedule of Late Mortgage Payments A mortgage payment that's only a few days late may not affect your credit score. This is because most credit service providers offer a grace period where you can make a payment within 15 days of the due date without penalty. After the grace period, you may be charged late fees, which should be explained in your loan documents. However, if you miss a payment, it can negatively affect your credit score and your mortgage. One Missed Mortgage Payment Your mortgage servicer will likely report the late payment to the credit bureaus after 30 days late. This can hurt your credit score. In general, late payments can hurt people with higher credit scores more. If you haven't made a payment

As much as we hate it, we can never tell what the future holds. It is impossible to predict where the road will take us, so it is extremely important to always be prepared. This also applies to finance. Being financially protected can benefit you in several ways. Firstly, it can help keep you and your family covered when things don't go as planned. It also gives you peace of mind even in difficult times. Since it's important to take charge of your financial future, it's best to act as soon as possible to ensure you're financially prepared for the years to come. Create A Spending Plan and Budget If you spend more than you earn, you will never get anywhere; in fact, it's a sure sign that your finances are in trouble. The best way to make sure your income is more than your expenses is to track your expenses for a month or two and then create a budget. It may be a very basic budget, but you should have one. When creating your budget plan, look for ways to minimize your

National Financial Awareness Day is celebrated on August 14 every year. It's a day to lay the foundation for your financial future and build your financial stability. Being more aware of your finances and your specific financial situation will help you achieve your financial goals. The National Foundation for Credit Counseling recently conducted a study and observed from their study that a small majority of American adults (57%) give themselves high marks for their financial literacy. More interestingly, 13% of the more than 2,000 participants said they weren't sure they fully understood their financial situation. Not surprisingly, this confusion and anxiety are more common among young people. They grew up amid greater economic and financial doubts and uncertainties than their parents. Many people find financial education overwhelming and sometimes even inaccessible. National Financial Awareness Day is an important reminder that it's never too early or too late to start the process of becoming financially aware and a better manager of your money. This article will help you improve your financial education and start your journey to greater financial well-being. Stop Living Paycheck for Paycheck