Not too long ago, the questions borrowers were asking was if there was a pre-payment penalty for paying a loan off early. Times have changed in the current economic landscape. Borrowers now are asking how long can I put off paying the bill?
While there are always financial consequences for putting of paying bills, in terms of additional interest, late fees or worse, the severity of those financial consequences differ with each lending institution.
If you put off paying your car loan, the lender can repossess your car after the car payment is one day late. The lender will usually give a grace period, but don't count on it.
Taxes owed to the IRS is not a bill that can be put off paying. The IRS offers no grace period for paying late, but they will offer a payment plan so you won't have to pay your taxes in one lump sum. The IRS can and will garnish your wages and seize your bank accounts or property if you don't pay your tax bill.
When the mortgage payment is not made, your mortgage lender will usually start foreclosure proceeding in 3 months.
Put off paying credit card bills for about 6 months and the credit card bill will be turned over to a collection agency.
Student loan lenders will usually wait about 9 months for payment before putting the student loan into default status.
With so little money and so many bills, paying the bills becomes a juggling act at best. You might can squeeze an extra week or two out before paying a bill, but they eventually must be paid one way or the other.